#commercial real estate market in new york city
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taking relentless severe psychic damage from watching several hours of videos of television commercial advertisements from the United States in December 1999.
a world-historical moment, an all-time high peak of self-assured smirking arrogance.
ascendant home computers and internet modems. a new millennium! a time after Cold War but before Nining Leven, with saxophone-playing heads of state and cheery Spielbierg-ian sentimentality attempting to plaster over 1970s/1980s disappointments and hangovers with renewed millennarian End-Of-History optimism.
come celebrate with us! look at these images of The Nation! from sparkling Times Square and the cast of "Friends" in bustling cosmopolitan New York City, to sunny Californian prosperity, to those cartoonish frogs in the quasi-mythical Deep South-ish rural periphery of Budweiser ads, and all the suburban Midwestern Kay's Jeweler's in between! planetary hegemony. "Head east from the Colosseum, across the ruts of chariots, and you'll find an imperial estate built by a second-century Caesar. It's a rough ride. And if the agile and durable Chevy Tracker can handle these ancient roads, driving back home will be a walk in the park. Chevy Tracker: It Gets Around!"
or perhaps "our" power extends beyond this terrestrial imperium, into space, conquering the stars. UFOs; space aliens; The X-Files; Independence Day; Space Jam; Men in Black; the Phoenix Lights; Coast to Coast AM on the radio; Space Command in Colorado Springs.
the anxious fragility belied by the desperate constant promotion of an almost religious dedication to recognizable icons.
talking chihuahuas, marketing jingles, annual football game events. self-referential circular cross-promotion maelstrom.
"An all-new holiday spectacular, a Christmas special destined to become a family classic! With music from REM's Michael Stipe, voiced by Ally McBeal's Peter MacNicol, and starring Drew Barrymore! It's Olive the Other Reindeer! At 8/7 Central Fox Friday!"
trying to insist that this "classic" cultural iconography binds us. it has always lived in your heart. fabricating in real-time a supposedly shared history, insisting on this "reality" even at the moment of its very creation. hammering away at the soul.
Daffy Duck saunters in and pronounces: "Eat your way into the new millennium with this 'gigundo' party sub from Subway!"
why aren't you smiling?
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Christmas is in full swing in New York City; lines snake through Midtown as tourists oggle department store windows and the Rockefeller Center tree, and the Union Square Holiday Market is bustling with vendors and shoppers. All the while, hotel prices are up and vacancies down compared to the 2022 holiday season—and there are almost no short-term rentals, like Airbnbs, for people to book.
It’s too soon to say there’s no room at the inn this holiday season—searches on Airbnb for places to stay during Christmas and New Year’s Eve in New York City bring up hundreds of hotel rooms, rooms in apartments, and rentals claiming to be exempt from new rules in the city. But many of the short-term whole apartment rentals that Airbnb was known for are gone.
With short-term rentals all but banned, early data shows hotel rooms are getting pricier and harder to come by. New York City’s new short-term rental regulations, which took effect in September, are among the most restrictive of any large city in the world. Such restrictions haven’t stopped people from visiting the Big Apple—and this holiday season is a major test of the city’s new rules.
The city’s clampdown on Airbnbs and other short-term rentals seems to be part of what’s sending interest in hotels soaring. Searches for hotels in New York City during the last two weeks of December are up 25 percent year over year, according to data from Expedia Group, which is also the parent company of Vrbo, another short-term rental booking platform. Times Square hotels in particular are up 55 percent in searches, and neighborhoods like Chelsea, Central Park South, Union Square, and Herald Square are all also seeing spikes.
Hotel bookings and prices are inching upward, too. In November 2022, 79 percent of hotel rooms were occupied, with an average cost of $307 a night according to CoStar, which tracks commercial real estate intel. But in November 2023, occupancy climbed to 84 percent, and the average nightly cost hit $333. By the first week of December, occupancy jumped to 90.3 percent, up from 89.6 percent in early December 2022. The average nightly cost swelled from $416 to $477 from December 2022 to December 2023.
It’ll only get busier. Some 64.5 million people are predicted to visit in 2024, according to New York City Tourism + Conventions, the city’s official tourism marketing organization. That’s up from a forecasted 61.8 million this year. This year’s tourism numbers didn’t top records set in 2019, but they got closer, showing that people are returning to travel at near pre-pandemic levels.
The disappearance of short-term rentals may disproportionately affect guests that don’t fit in a small New York hotel room, like families with kids. “Those people are either having to pay up for more expensive hotel offerings that are comparable to Airbnb, or are simply not able to visit the city,” says Sean Hennessey, a professor at the New York University Jonathan M. Tisch Center of Hospitality.
That’s what happened to Mia Heil, who is bringing her family of five to New York City from Houston the week between Christmas and New Year’s. She had booked a three-bedroom apartment on Airbnb and didn’t know about the rule change until the host canceled their stay the following day. Because they already had flights, Heil says she scrambled to find a hotel room that could fit the family. The effective end of Airbnb in the city doesn’t mean her family wouldn’t have visited New York, Heil says, but she might have come at a different time when hotel prices were lower.
Hennessey says the registration law may be just part of what’s driving prices up. Some people might be traveling for the first time post-pandemic. The city is also now housing thousands of migrants in hotel rooms—though many remained open to visitors this summer.
Airbnb allowed stays through December 1 to remain booked as part of a grace period, so this month is the first one where people are truly pushed to find other places to stay. “Visitors to New York City have fewer accommodation options due to the rule change, which means less choice and higher prices” says Taylor Marr, housing market economist at Airbnb. “As a result, many tourists could be priced out of visiting the city, especially during peak periods such as the holiday season, resulting in economic loss for local workers and businesses.”
The registration law was meant to crack down on a proliferation of short-term rentals in New York City, many of which had long been banned by a rarely enforced law. Those in favor of the rule say short-term rentals siphon away housing that could go to full-time residents and lead to rising rent costs. At one point in 2022, there were more listings for Airbnbs than there were apartments for long-term lease in New York City.
But opponents argue that it bans not only big-time landlords but also middle-class city residents who are renting out just one unit to make ends meet. Both hosts and booking platforms like Airbnb and Vrbo who violate the rule by listing unregistered properties can face fines. The number of short-term stays, those for fewer than 30 days, fell from some 22,000 this summer to around 3,700 as of November 1, according to Inside Airbnb, a housing advocacy group that tracks the platform. The number of short-term stays has always been dwarfed by hotel rooms, of which New York City has around 128,000, according to Vijay Dandapani, president and CEO of the Hotel Association of New York City. Dandapani says 15,000 of those rooms are housing migrants, and another 7,000 are closed.
As of Monday, the city’s Office of Special Enforcement, which oversees the short-term rental registrations, has received more than 5,000 applications from hosts, granted 971, denied 732, and sent more than 2,000 back to applicants for additional info. Christian Klossner, the office’s executive director, tells WIRED that the office has not issued any fines to those in violation of the registration law yet, as the city is still working with booking platforms on compliance.
To cope with the ban, some hosts are moving away from platforms like Airbnb and instead listing apartments on sites like Craigslist and in Facebook groups, and on alternative rental platforms such as Houfy. Some advertise their stays for Christmas and have weekly rates. One asks people to provide an Airbnb profile with guest reviews when requesting to book.
Ultimately, the short-term rental rule is good business for hotels—even if the jury is out on it being a good thing for New Yorkers. And some of that current occupancy squeeze may lessen in coming years: More than 70 new hotels are expected to open in the city in the next three years, bringing 10,000 additional rooms, according to New York City Tourism + Conventions. The end of Airbnb in New York doesn’t signal the end of tourism, but it’s already looking pretty different.
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Sunday, June 25, 2023
The World’s Empty Office Buildings Have Become a Debt Time Bomb
(Bloomberg) In New York and London, owners of gleaming office towers are walking away from their debt rather than pouring good money after bad. The landlords of downtown San Francisco’s largest mall have abandoned it. A new Hong Kong skyscraper is only a quarter leased. The creeping rot inside commercial real estate is like a dark seam running through the global economy. Even as stock markets rally and investors are hopeful that the fastest interest-rate increases in a generation will ebb, the trouble in property is set to play out for years. After a long buying binge fueled by cheap debt, owners and lenders are grappling with changes in how and where people work, shop and live in the wake of the pandemic. At the same time, higher interest rates are making it more expensive to buy or refinance buildings. A tipping point is coming: In the US alone, about $1.4 trillion of commercial real estate loans are due this year and next, according to the Mortgage Bankers Association. When the deadline arrives, owners facing large principal payments may prefer to default instead of borrowing again to pay the bill.
Inflation, health costs, partisan cooperation among the nation’s top problems
(Pew Research Center) Inflation remains the top concern for Republicans in the U.S., with 77% saying it’s a very big problem. Gun violence is the top issue for Democrats: 81% rank it as a very big problem. When it comes to policy, more Americans agree with the Republican Party than the Democratic Party on the economy, crime and immigration, while the Democratic Party holds the edge on abortion, health care and climate change.
The Brown Bag Lady serves meals and dignity to L.A.’s homeless
(USA Today) A Los Angeles woman, known affectionately as the Brown Bag Lady, is serving the city’s unhoused population with enticing meals and a sprinkle of inspiration for dessert. Jacqueline Norvell started cooking meals for people on L.A.’s Skid Row about 10 years ago in her two-bedroom apartment after getting some extra money from her Christmas pay check. She bought several turkeys and prepared all the fixings for about 70 people, driving to one of L.A.’s most high-risk areas to hand out the meals. “We just parked on a corner,” said Norvell. “And we were swarmed.” She says people were grateful and she realized the significant demand. Norvell’s been cooking tasty creations ever since. Norvell garnishes each dish with love and some words of encouragement. In addition to the nourishment, each bag or box has an inspirational quote. “We’ve got to help each other out,” she said. “We have to.”
Facing Brutal Heat, the Texas Electric Grid Has an Ally: Solar Power
(NYT) Strafed by powerful storms and superheated by a dome of hot air, Texas has been enduring a dangerous early heat wave this week that has broken temperature records and strained the state’s independent power grid. But the lights and air conditioning have stayed on across the state, in large part because of an unlikely new reality in the nation’s premier oil and gas state: Texas is fast becoming a leader in solar power. The amount of solar energy generated in Texas has doubled since the start of last year. And it is set to roughly double again by the end of next year, according to data from the Electric Reliability Council of Texas. “Solar is producing 15 percent of total energy right now,” Joshua Rhodes, a research scientist at the University of Texas at Austin, said on a sweltering day in the state capital last week, when a larger-than-usual share of power was coming from the sun. So far this year, about 7 percent of the electric power used in Texas has come from solar, and 31 percent from wind. The state’s increasing reliance on renewable energy has caused some Texas lawmakers, mindful of the reliable production and revenues from oil and gas, to worry. “It’s definitely ruffling some feathers,” Dr. Rhodes said.
Guatemalans are fed up with corruption ahead of an election that may draw many protest votes
(AP) As Guatemala prepares to elect a new president Sunday, its citizens are fed up with government corruption, on edge about crime and struggling with poverty and malnutrition—all of which drives tens of thousands out of the country each year. And for many disillusioned voters—especially those who supported three candidates who were blocked from running this year—the leading contenders at the close of campaigning Friday seem like the least likely to drive the needed changes. Guatemala’s problems are not new or unusual for the region, but their persistence is generating voter frustration. As many as 13% of eligible voters plan to cast null votes Sunday, according to a poll published by the Prensa Libre newspaper. Some of voters’ cynicism could be the result of years of unfulfilled promises and what has been seen as a weakening of democratic institutions. “The levels of democracy fell substantially, so the (next) president is going to inherit a country whose institutions are quite damaged,” said Lucas Perelló, a political scientist at Marist College in New York and expert on Central America. “We see high levels of corruption and not necessarily the political will to confront or reduce those levels.”
Chile official warns of ‘worst front in a decade’ after floods, evacuations
(Reuters) Days of heavy rainfall have swollen Chile’s rivers causing floods that blocked off roads and prompted evacuation in the center of the country, amid what has been described as the worst weather front in a decade. The flooding has led authorities to declare a “red alert” and order preventive evacuations in various towns in the south of Santiago. “This is the worst weather front we have had in 10 years,” Santiago metropolitan area governor Claudio Orego said.
Crisis in Russia
(NYT/AP) A long-running feud over the invasion of Ukraine between the Russian military and Yevgeny Prigozhin, the head of Russia’s private Wagner military group, escalated into an open confrontation. Prigozhin accused Russia of attacking his soldiers and appeared to challenge one of President Vladimir Putin’s main justifications for the war, and Russian generals in turn accused him of trying to mount a coup against Putin. Prighozin claimed he had control of Russia’s southern military headquarters in the city of Rostov-on-Don, near the front lines of the war in Ukraine where his fighters had been operating. Video showed him entering the headquarters’ courtyard. Signs of active fighting were also visible near the western Russian city of Voronezh, and convoys of Wagner troops were spotted heading toward Moscow. The Russian military scrambled to defend Russia’s capital. Then the greatest challenge to Russian President Vladimir Putin in his more than two decades in power fizzled out after Prigozhin abruptly reached a deal with the Kremlin to go into exile and sounded the retreat. Under the deal announced Saturday by Kremlin spokesman Dmitry Peskov, Prigozhin will go to neighboring Belarus. Charges against him of mounting an armed rebellion will be dropped. The government also said it would not prosecute Wagner fighters who took part, while those who did not join in were to be offered contracts by the Defense Ministry. Prigozhin ordered his troops back to their field camps in Ukraine, where they have been fighting alongside Russian regular soldiers.
In Myanmar, Birthday Wishes for Aung San Suu Kyi Lead to a Wave of Arrests
(NYT) In military-ruled Myanmar, there seemed to be a new criminal offense this week: wearing a flower in one’s hair on June 19. Pro-democracy activists say more than 130 people, most of them women, have been arrested for participating in a “flower strike” marking the birthday of Daw Aung San Suu Kyi, the civilian leader who was ousted by Myanmar’s military in a February 2021 coup. Imprisoned by the junta since then, she turned 78 on Monday. The protest—a clear, if unspoken, rebuke of the junta—drew nationwide support, and many shops were reported to have sold all their flowers. Most of the arrests occurred on Monday, but they continued through the week as the military tracked down participants and supporters. In some cities and towns, soldiers seized women in the streets for holding a flower or wearing one in their hair. Some were beaten, witnesses said. The police have also been rounding up people who took to Facebook to post a birthday greeting or a photo of themselves with a flower. Phil Robertson, the deputy Asia director for Human Rights Watch, called the campaign the latest example of the “paranoia and intolerance” of Myanmar’s military rulers.
Sweltering Beijingers turn to bean soup and cushion fans to combat heat
(Washington Post) China’s national weather forecaster issued an unconventional outlook this week: “Hot, really hot, extremely hot [melting smiley face],” it wrote Tuesday night on Weibo, China’s answer to Twitter. It was imprecise, but it wasn’t wrong. The temperature in Beijing hit 106 degrees Fahrenheit on Thursday, a public holiday for the Dragon Boat Festival. It was the highest June recording since 1961. Visiting the Great Wall was “like being in an oven,” said Lin Yun-chan, a Taiwanese graduate student on her first trip to Beijing. The heat wave is almost the only thing anyone can talk about. Much of the online discussion revolves around food. People are sharing advice about the most hydrating snacks for the hot weather: mung bean soup and sour plum drink are popular options. Entrepreneurs looked for ways to capitalize on the heat wave: One promoted a seat-cushion fan designed to combat a sweaty butt, while tourism companies touted trips to the south of the country, which is usually hotter but currently less so.
Your next medical treatment could be a healthier diet
(WSJ) Food and insurance companies are exploring ways to link health coverage to diets, increasingly positioning food as a preventive measure to protect human health and treat disease. Insurance companies and startups are developing meals tailored to help treat existing medical conditions, industry executives said, while promoting nutritious diets as a way to help ward off diet-related disease and health problems. “We know that for adults, around 45% of those who die from heart disease, Type 2 diabetes, stroke, that poor nutrition is a major contributing factor,” said Gail Boudreaux, chief executive of insurance provider Elevance Health speaking at The Wall Street Journal Global Food Forum. “Healthy food is a real opportunity.”
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Background on the owner of the private jet
Marc Ganzi is an American businessman. He is the President and CEO of DigitalBridge, and is the founder and former CEO of Digital Bridge Holdings and Global Tower Partners. He is also a polo player.
He received a Bachelor of Science in business administration from the Wharton School of the University of Pennsylvania. He interned in the White House for Stephen M. Studdert, special advisor to President George H. W. Bush in 1989. In 1990, Ganzi served as an assistant Commercial Attaché in Madrid for the U.S. Department of Commerce’s Foreign Commercial Service Department.
After graduation, Ganzi bought distressed real estate for Resolution Trust Corporation. He worked at Deutsche Bank, where he oversaw investments in the radio tower sector.
In 1993, he co-founded AD Development Corporation, a real estate development company in the Mid-Atlantic states, where he worked until 1994. He co-founded Apex Site Management, which was purchased by SpectraSite, and he served as group president for a year. In 1998, Ganzi founded Eureka Broadband, an application service provider and high-speed Internet access corporation. From 2000 to 2002, he was a partner in DB Capital Partners in New York City.
In 2003, he founded Global Tower Partners, a telecommunications company headquartered in Boca Raton, Florida. He served as its Chief Executive Officer and built the company into the largest privately held operator of U.S. cell towers. The company was purchased by Macquarie Group (ASX: MQG) in 2007, and, in 2013, American Tower Corporation (NYSE: AMT) acquired GTP for $4.8 billion.
In 2013, Ganzi and Ben Jenkins founded Digital Bridge Holdings, an investor and operator of mobile and internet connectivity companies. Digital Bridge Holdings was acquired by Colony Capital in 2019, where Ganzi took over as CEO-elect. On July 1, 2020, he became CEO and President of Colony Capital. In 2021, the company rebranded to become DigitalBridge, a digital infrastructure investment firm, and he remained in those respective positions.
DigitalBridge Group, Inc. is a global digital infrastructure investment firm. The company owns, invests in and operates businesses such as cell towers, data centers, fiber, small cells, and edge infrastructure. Headquartered in Boca Raton, DigitalBridge has key offices in Los Angeles, New York, London, and Singapore.
In 2010, DigitalBridge, then still Colony Capital, was reported to manage about $30 billion in investments. In 2011, DigitalBridge was tied for 3rd largest private equity real estate fund in the world, behind Blackstone Group and Morgan Stanley Real Estate
Colony purchased Raffles International on July 18, 2005. This included the 41 hotels and resorts operated under the Raffles Hotel and Swissotel brand names. On January 30, 2006, it acquired Fairmont Hotels and Resorts of Toronto, Ontario with Kingdom Hotels International as a joint partner for US$3.24 billion.[citation needed] On April 10, 2006, it acquired French professional football team Paris Saint-Germain.
On November 11, 2008, Michael Jackson transferred the title of his 2,700 acre estate Neverland Ranch to Sycamore Valley Ranch Company LLC, a joint venture between Jackson (represented by attorney, L. Londell McMillan) and an affiliate of Colony Capital. It is still unclear whether Colony Capital has a part in the property. Jackson earned a total of US$35 million when he agreed to the joint venture between himself and Colony Capital.
In March 2010, Colony arranged a financing and marketing package for Annie Leibovitz. The New York celebrity photographer had been in financial difficulty and in danger of losing to her previous lender, ArtCapital, the rights to her photographs and negatives and her three Greenwich Village townhouses. ArtCapital's credit was for $24 million. In December 2010, Colony purchased Miramax from Disney with Qatar Investment Authority, Tutor-Saliba Corporation and The Weinstein Company as part of a joint venture called Filmyard Holdings for $663 million.
In September 2017, Colony NorthStar agreed to sell its Townsend Group unit to Aon for $475 million.
In October 2017, Colony entered discussions to purchase The Weinstein Company, a movie and TV production studio that sustained damage after its co-founder, Harvey Weinstein, was accused of multiple counts of sexual harassment over three decades. In the wake of the Harvey Weinstein sexual assault scandal, in late October 2017, it was reported that Colony Capital LLC had proved hesitant to purchase Weinstein Co. after a week of exclusive negotiations. Fortress Investment Group was also in talks to provide a loan to Weinstein Co.
In June 2018, The New York Times reported that Colony North Star had raised more than $7 billion in investments since Donald Trump won the 2016 presidential election. 24 percent of the money came from the United Arab Emirates and Saudi Arabia.
In April 2022, DigitalBridge bought out Wafra’s stake in its investment management subsidiary for $800 million and switched from REIT to traditional C-Corp. DigitalBridge announced and initiated several acquisitions during 2022 including AMP Capital's global infrastructure equity investment management business for $328 million and Switch, Inc., a data center company, for $11 billion. The firm sold 27 percent of its stake in DataBank to Swiss Life and EDF Invest for $1.2 billion. DigitalBridge said it would own 15.5 percent of DataBank after the sale.
Thanks!
He looks a lot like that Mark Dyer guy that used to keep tabs on Harry.
Mark Ganzi
Mark Dyer and Harry:
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Things to Know Before Buying a Multi-Unit Property
Buying a multi-unit property is a wise investment choice that can provide a steady return on investment and pave the way toward financial freedom. Whether you possess extensive experience in real estate investment or are a beginner seeking to acquire your initial multi-unit property, there are numerous vital elements to contemplate prior to reaching a conclusion.
Below are the five key things you should know before buying a multi-unit property.
Deep History: Before purchasing any property, it is crucial to gain a thorough understanding of its history and the surrounding area. Whether you are considering a house, a two-family home, a four-family home, an apartment complex, or a vacant lot, researching the area's history will provide valuable insights. By examining aspects such as neighborhood growth, crime rates, nearby amenities, and prospective infrastructure enhancements, you can obtain valuable insights to guide your decision-making process when choosing an investment location.
Follow the Builders: Keeping an eye on new home construction can give you valuable insights into the housing market. Builders often work tirelessly to meet the growing demand for housing, and they possess valuable knowledge about upcoming housing booms. By observing their activities and staying up to date with city development plans, you can identify areas that are likely to experience growth and increased property value. Relying on the top commercial real estate companies in New York can be a smart strategy to spot potential investment opportunities in multifamily properties.
Costs and Expenses: When considering the advantages and returns of owning multi-unit properties, it is crucial to factor in the expenses and costs linked to maintenance and operation. These include property taxes, insurance, repairs, upkeep, utilities, and fees for property management. Additionally, if you are considering purchasing a Multifamily building for sale in New Jersey or any other high-priced area, be prepared for higher expenses. Thoroughly calculate your anticipated expenses and create a detailed budget to ensure the investment aligns with your financial goals.
Choose the Right Tenants: Selecting suitable tenants is crucial when investing in a multi-unit property. Since you will be providing separate facilities for multiple tenants, it is essential to choose individuals who are responsible, reliable, and financially stable. Conduct thorough background checks to ensure they have no criminal records and verify their rental history to assess their reliability as tenants. Additionally, consider their compatibility with other tenants and their overall demeanor. Choosing the right tenants will minimize potential issues and maximize the rental income from your property.
Seek Professional Guidance: Navigating the multifamily property market can be complex, especially for first-time investors. Consider seeking the assistance of Multifamily investment real estate brokers in Yonkers specializing in multifamily properties. These professionals can help you identify suitable properties, negotiate favorable terms, and ensure a smooth transaction.
#multifamily#realestateagent#realestateinvesting#commercialrealestate#multifamilybuilding#buildingforsale#commercial#realestateinvestor#propertymanagement#investmentproperty#luxuryrealestate
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The Top Current Trends in Las Vegas Real Estate
Las Vegas, Nevada is known for its world-renowned entertainment, casinos, and hospitality industries. However, in recent years, the city has also become an attractive real estate market due to its growing economy and diverse population. In this post, we’ll explore the top current trends in Las Vegas real estate that anyone looking to invest or buy a property in the area should know.
Increased demand for single-family homes
The pandemic has prompted buyers to seek larger and more comfortable living spaces, and Las Vegas is no exception. Single-family homes have seen a spike in demand, as people look for privacy, home offices, and outdoor amenities. According to the Greater Las Vegas Association of Realtors (GLVAR), single-family home sales rose by 8.7% in 2020, with an average sales price of $354,000. As a result, these properties are now selling much faster, and buyers may find themselves in bidding wars.
Booming luxury market
The luxury real estate market in Las Vegas has seen significant growth in recent years, with high-end buyers seeking luxury villas, penthouses, and homes in exclusive areas. According to the GLVAR, luxury home sales increased by 46.8% in 2020, with the average sales price reaching $1,350,000. Luxury buyers are looking for modern amenities, exclusive locations, and personalized services, combining the comfort of home with upscale experiences.
Growth in commercial real estate
Las Vegas has always had a strong commercial real estate market due to its tourism and hospitality industries, but new industries like tech and healthcare have been driving demand as well. According to CBRE, office vacancy rates in Vegas have dropped for the fourth consecutive quarter in 2021, with tech and financial firms accounting for the majority of leasing activity. Additionally, the city is investing heavily in the healthcare industry, with new hospitals and medical facilities opening across the city.
Increasing interest in short-term rentals
Las Vegas is a popular destination for tourism, and as a result, short-term rentals like Airbnb have gained popularity. Homeowners can earn significant income by renting out their properties for a few days or weeks, especially during peak travel seasons. However, investors should be aware of the city’s strict regulations on short-term rentals, including fees and permits required for operating a rental property.
The growing interest in sustainable real estate
Las Vegas is becoming a leader in sustainable development and green real estate, with developers and homeowners embracing energy-efficient technologies and environmentally-friendly design. For example, the city’s new Circa Resort & Casino is one of the few LEED Gold-certified hotels in the world, with sustainable features like solar panels, rainwater collection, and energy-efficient lighting. Additionally, more homeowners are opting for green building materials, solar panels, and energy-saving appliances when building or renovating their homes.
Virtual real estate tours
The pandemic has changed the way the real estate industry operates, with virtual tours and remote viewings becoming a necessity. Las Vegas real estate agents and developers have embraced technology, offering virtual tours, drone footage, and 3D renderings of properties. Many buyers are now able to view properties from the comfort of their own homes, making the buying process more efficient and convenient.
The rise of remote work
The pandemic has also accelerated the trend of remote work, with many companies allowing employees to work from home permanently. As a result, more people are looking to move away from expensive cities like New York and San Francisco, and Las Vegas is an attractive option. The city offers a lower cost of living, a warmer climate, and an abundance of outdoor activities, making it an ideal place for remote workers to call home.
In the end, the Las Vegas real estate market has been evolving quickly in recent years, with new trends emerging that offer opportunities for buyers, sellers, and investors. Whether you’re looking for a single-family home or a luxury condo, the city’s real estate market is diverse and growing. Additionally, Las Vegas’s unique mix of industries, sustainability initiatives, and remote work opportunities make it an attractive location for anyone looking to invest in property or relocate to a thriving city.
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Native Real Estate: Homes For Sale San Antonio, Tx
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Please contact us should you cannot correctly experience this web site. This information just isn't verified for authenticity or accuracy and is not guaranteed and will not mirror all activity out there. If you are seeking to purchase a home in San Antonio, TX, you have come to the best place. Coldwell Banker keeps you updated with the newest San Antonio MLS itemizing new home builders san antonio - including new homes for sale, townhomes for sale, condos for sale, foreclosed homes for sale, and land for sale. With Coldwell Banker's mobile app and web site, you'll find a way to customize your San Antonio home search to help find the best place for you, from the situation you like to the number of bedrooms and bathrooms. Try trying out our interactive maps, photos, and faculty data.
At Chesmar, we build new homes in master-planned communities all through Texas and understand that the process of purchasing a new residence can sometimes be a confusing one. In the last 30 days, homes for sale in San Antonio, TX offered for a median value of $289,734, up 3.3% compared to the same interval last 12 months. The median value per square foot was $161.forty seven, up three.1% year-over-year. There have been 1,147 homes offered, down from 1,661 last 12 months.
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The Extraordinary Advantages When You Post a Free Classified Ad
Pragmatically there are countless enthralling profits of the India classified ads, which are able to transform the entire look of your company right away. Primary, while you post a free ad in India immediately you have selected one of the most attractive and inventive kinds of ads that acquire a comprehensive environment, themes and intangible construction. In general, the Indian classified ads are formed and created from highly skilled, knowledgeable, and educated personnel.
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SCP and Drake Exit an Industrial Property
A resident of Miami, FL, Evan Seiden has served as the CEO of Relentless Capital, LLC, since 2017. As a real estate investment executive, he looks for commercial real estate investment possibilities and opportunities with a high rate of return in FL and other areas. Evan Seiden also works with reputable real estate investing companies, such as Drake Real Estate Partners, a real estate and asset management business located in New York City.
On April 27, Soma Capital Partners (SCP), a San Francisco-based private real estate investment and advising business, announced the sale of 2277 Pine View Way. The 120,000 square foot Class A industrial building in Petaluma, California, sold to an affiliate of DRA Advisors for $25.15 million. In April 2019, SCP bought the Property in collaboration with Drake. This is SCP's second 320,000-square-foot industrial sale since April 2020.
The property is the corporate headquarter of Workrite Ergonomics, an industry leader in the design and marketing of ergonomic workstations and office accessories. Workrite, a Novato-based company founded in 1991, has held space in the building since 2011. In 2018, Workrite increased its tenancy to the entire building.
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JPMorgan Chase & Co.
JPMorgan Chase & Co. is one the world's most oldest, largest, and best known financial institutions. It is an American multinational investment bank and financial services holding company, headquartered in New York City and incorporated in Delaware. Today we will talk about the various business segments of this giant, whose total assets amount to a whopping $2.87 Trillion. We'll also look at the recent performance of these segments and have a look at the figures, so you can visualize how the company has been performing in the recent year.
These segments are ranked according to the revenue generated by them (from highest to lowest)-
1. Consumer and Community Banking (CCB) segment provides a variety of services including branch banking, cards, home, education, auto loans, and other similar products for retail client. The segment reported net income of $4.2 billion in Q4 FY 2021, down 2.3% compared to the year-ago quarter. Revenue for the segment was $12.3 billion, down 3.6% YOY. The segment accounts for about 37% of total net income and about 40% of total non-GAAP revenue.
2. Corporate and Investment Banking (CIB)- Corporate banking is a long-term relationship that involves traditional banking, risk management, and financing services to corporations. Investment banking, on the other hand, is transactional, and assists corporations with one-time transactions, such as an initial public offering (IPO) or a merger or acquisition. We've talked more about this business segment in many of my other blogs. Net income for the segment fell 9.4% YOY in Q4 FY 2021. At $4.8 billion, the segment accounts for about 42% of JPMorgan's total net income. Revenue for the segment grew 1.6% YOY to $11.5 billion for the quarter, comprising about 37% of total non-GAAP revenue.
3. Commercial Banking- This segment provides credit and financing, treasury and payment services, international banking and real estate services to clients—including corporations, municipalities, institutions, real estate investors and owners, and not-for-profit organizations. The segment posted net income of $1.3 billion in Q4 FY 2021, down 38.5% from the year-ago quarter and comprising about 11% of the total. Revenue for the segment grew 6.0% to $2.6 billion, comprising more than 8% of total non-GAAP revenue.
4. Asset & Wealth Management- J.P. Morgan Asset Management's investment professionals provide strategies that span the full spectrum of asset classes, including equity, fixed income, alternatives, money market, ETFs and multi-asset solutions. One might wonder what's the difference between asset management and wealth management? Asset management seeks to leverage an individual's investments so that the overall returns are maximized. Wealth management's focus is more holistic as it seeks to maximize and protect an individual's overall financial health over the long term.
~Lakshya Kapoor
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Unlocking the Potential: Adria Property Management's Expertise in New Rochelle and Yonkers
In the vibrant landscape of New Rochelle and Yonkers, where real estate opportunities abound, Adria Property Management emerges as a trusted partner for property owners seeking exceptional management services. With a rich history of success and a dedication to excellence, Adria Property Management has established itself as a cornerstone of the industry in these dynamic locales.
New Rochelle Property Management
Nestled along the scenic shores of Long Island Sound, New Rochelle boasts a diverse real estate market brimming with potential. Adria Property Management understands the unique nuances of this thriving community, offering tailored solutions to meet the specific needs of property owners. From tenant acquisition and lease management to property maintenance and financial oversight, their comprehensive suite of services ensures that every aspect of property management is handled with precision and care. Whether it's a residential complex overlooking the waterfront or a commercial property in the bustling downtown area, Adria Property Management maximizes value and minimizes stress for property owners in New Rochelle.
Yonkers Real Estate Management
As the fourth-largest city in New York State, Yonkers presents a wealth of opportunities in the real estate market. Adria Property Management's intimate knowledge of the Yonkers landscape allows them to navigate this dynamic market with ease, delivering unparalleled results for property owners. From luxury condominiums along the Hudson River to historic properties in burgeoning neighborhoods, their expert team is equipped to handle the diverse needs of Yonkers Eeal Estate. With a commitment to transparency, efficiency, and client satisfaction, Adria Property Management is the premier choice for property management in Yonkers.
Adria Property Management's unwavering dedication to excellence sets the standard for property management in New Rochelle and Yonkers. With a proven track record of success and a passion for exceeding expectations, they are poised to unlock the full potential of every property they manage in these vibrant communities.
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Sheraton in Dallas Lands $270M Refinancing
Chartiers Lodging Group scored a major refinancing deal for Texas’ largest hotel.
The 1,840-key Sheraton Dallas Hotel received a $270 million mortgage and $30 million in mezzanine financing, according to an S&P Global Ratings report on the securitized loans.
Goldman Sachs and JPMorgan originated the loan and packaged it into commercial mortgage-backed securities to be sold off to investors.
The two-year loan has a floating interest rate.
Dallas’ largest hotel opened in 1959 at 400 N. Olive Street as an office building for Southland Life Insurance.
By the 1990s, it was mostly vacant.
A $210 million conversion gave the property new life as an Adam’s Mark Hotel.
When it opened in 1998, the hotel had 607,000 bookings lined up through 2005, the Wall Street Journal reported.
The property was taken over by Sheraton in 2007.
The hotel underwent a $90 million renovation in 2009 that upgraded guest rooms.
The hotel’s lobby, meeting rooms and convention center also got facelifts.
In a 2019 update, the hotel got a rooftop garden and five new food and beverage concepts.
The hotel now has 230,000 square feet of meeting space and three onsite restaurants: Draft Sports Bar & Lounge, Open Palette and The Parlor.
Though the property was hit hard by the pandemic, its revenue per available room has since rebounded to surpass pre-pandemic levels, the S&P report noted.
The hotel’s 2019 revenue per room was $78.69; in 2023, it was $90.91.
This kind of financing activity speaks to institutional lenders’ faith in Dallas’ hotel market.
Last summer, Dallas-based Crescent Real Estate landed a similar deal to refinance two Uptown hotels.
The Ritz Carlton and Hotel Crescent Court got a $300 million CMBS loan, the majority of which was used to retire existing debt on the properties.
Dallas’ record-breaking hotel development pipeline ranks first in the nation, with 193 projects and more than 22,000 units in the works at the end of 2023, according to Lodging Econometrics.
Dallas is expected to open 18 hotels in 2024, second only to New York City, which will welcome 28 projects this year.
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Exploring NYC Real Estate with Asad Mahmood
Welcome to my real estate blog dedicated to uncovering the diverse and exciting world of New York City real estate! I'm Asad Mahmood, a seasoned real estate professional with a deep-rooted passion for helping individuals find their dream homes and lucrative investment opportunities in this vibrant urban landscape.
About Asad Mahmood
For over a decade, I have been navigating the complex and ever-evolving real estate market of New York City. My mission is simple yet profound: to connect people with properties that not only meet their needs but exceed their expectations. With a blend of expertise, integrity, and personalized service, I strive to make every real estate transaction seamless and rewarding for my clients.
What You'll Find Here
This blog is your go-to resource for all things NYC real estate. Here's what you can expect:
Neighborhood Highlights: Explore different neighborhoods across NYC, from the iconic streets of Manhattan to the vibrant boroughs of Brooklyn, Queens, the Bronx, and Staten Island. Discover what makes each area unique and find your perfect fit.
Market Trends and Insights: Stay informed about the latest trends, market analysis, and forecasts shaping the NYC real estate landscape. Whether you're buying, selling, or investing, understanding market dynamics is key to making informed decisions.
Home Buying and Selling Tips: Whether you're a first-time homebuyer or a seasoned investor, I'll share valuable tips and strategies to navigate the buying and selling process successfully. From financing options to negotiation tactics, empower yourself with knowledge.
Investment Opportunities: Learn about investment strategies in NYC real estate, including rental properties, condominiums, and commercial ventures. Discover where to find value and maximize returns in this dynamic market.
Real Estate News and Developments: Stay updated with industry news, regulatory changes, and exciting developments that impact the NYC real estate scene. Be ahead of the curve with insights from a trusted professional.
Let's Connect!
I invite you to join me on this exciting journey through NYC real estate. Whether you're searching for your dream home, exploring investment opportunities, or simply curious about the market, I'm here to help.
Feel free to reach out with any questions, comments, or topics you'd like to see covered on this blog. Your feedback is valuable!
Let's make your NYC real estate dreams a reality together.
Warm regards,
Asad Mahmood
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American investment in commercial real estate
Business land supporting assumes a vital part in procuring, creating, and extending business properties across the US. Whether you're an entrepreneur hoping to buy a property in Florida or a financial backer looking for open doors from one side of the country to the other, understanding the complexities of business property credits is fundamental for accomplishing your land objectives. commercial real estate financing Florida This article investigates the land supporting scene in Florida and the USA, featuring key contemplations and answers for borrowers.
Land Supporting in Florida:
Florida's dynamic economy and various housing market offer various business property venture and advancement amazing open doors. From clamoring metropolitan focuses to pleasant seaside networks, Florida draws in organizations and financial backers looking for ideal spots and good economic situations. Business land funding Florida choices have large amounts of Florida, taking care of different property types and speculation targets. Whether you're procuring office space in Miami, retail space in Orlando, or modern property in Tampa, different moneylenders offer fitted answers for meet your supporting necessities.
Basic Contemplations for Property Advances in the USA:
A few essential contemplations become an integral factor while looking for Business Property Credits USA. Right off the bat, borrowers should assess their monetary position, reliability, and venture system to decide the most reasonable credit items and terms. Commercial Property Loans USA In addition, while looking at business property credits, borrowers ought to consider advance to-esteem (LTV) proportions, financing costs, credit terms, and reimbursement plans. Working with experienced loan specialists and monetary guides can assist borrowers with exploring the intricacies of the loaning system and secure positive funding terms.
Business Property Advances USA:
Past Florida, business property credits are accessible across the USA, taking special care of financial backers and organizations in assorted markets and ventures. Whether you're buying places of business in New York City, multifamily properties in Los Angeles, or shopping complexes in Chicago, loan specialists cross country offer funding choices custom-made to your particular requirements. From regular home loans to specific loaning programs, borrowers in the USA can get to an extensive variety of business land supporting arrangements. Loan ideal to help property securing, advancement, and speculation attempts cross country with great financing costs, adaptable terms, and exhaustive bundles.
Conclusion:
exploring the scene of business land funding requires cautious preparation, examination, and aptitude. Whether you're looking for funding for a property in Florida or investigating valuable open doors across the USA, understanding the subtleties of business property credits is fundamental for accomplishing your land targets. For complete business land supporting arrangements and master direction, visit rembrandtinvestments.io. With a guarantee to greatness and a history of progress, Rembrandt Speculations offers customized administration and imaginative funding choices to help your business property adventures in Florida and then some.
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Small Industrial Spaces Are in Short Supply Across the US. Here’s Where They Are Scarcest
Posted by CoStar | Adrian Ponsen | March 20, 2024
Smaller industrial properties have maintained impressive occupancy rates and rising rents for several years, and in recent months they have increasingly stood out as one of the best-performing categories of commercial real estate.
Other property types typically favored by investors, namely luxury apartments and big-box distribution centers, are facing headwinds as the large amount of new development started during the pandemic reaches completion in record numbers, helping to drive up vacancy rates.
In contrast, the recent outperformance of smaller industrial properties owes mainly to their insulation from supply-side risk. Securing land and entitlements for industrial projects near most major cities is challenging and few developers are willing to invest the time needed to clear these hurdles unless the projects involved and the corresponding payouts for completing them are large.
Meanwhile, developers behind the unleased big-box distribution centers being completed these days are largely unwilling to subdivide their space and lease to tenants smaller than 25,000 square feet or even 50,000 square feet. The net result is that very few developers are building small-bay industrial facilities favored by small, blue-collar businesses, and vacancy rates among small industrial properties remain near all-time lows.
To learn which U.S. markets have the most acute shortages of smaller industrial space, CoStar ranked the 60 largest U.S. markets based on the composite scores of three criteria: current availability rates for industrial buildings smaller than 50,000 square feet; the median number of months on the market of 10,000-25,000-square-foot industrial spaces leased in the past 12 months; and the median number of months on the market of industrial spaces smaller than 10,000 square feet leased in the past 12 months.
The amount of time smaller industrial spaces spend on the market can differ widely within and between markets depending on whether the properties leased are built to modern standards or older buildings bordering on functional obsolescence. To control for these differences, median months to lease were calculated only for spaces in properties built in the 1970s and 1980s, typically the largest vintages of smaller industrial buildings in most U.S. markets.
Markets that have attracted a surge of in-migration in recent years, including Nashville, Tennessee, and the Florida markets of Jacksonville, Tampa and Orlando, are well represented among the 20 areas that score highest for having a scarcity of small industrial spaces. This makes sense, given that businesses catering to growing local housing stocks, such as HVAC contractors, plumbers and electricians, are key occupiers of smaller industrial properties.
Critical port markets in Virginia, South Florida and Southern California also rank among the top 20 areas with a scarcity of available small-bay industrial space.
Louisville, Kentucky, may surprise many readers for its ranking as one of the tightest markets in the United States. However, its location in the middle of the burgeoning electric vehicle manufacturing region known as the battery belt, coupled with major distribution infrastructure including Louisville Muhammad Ali International, North America’s third-largest cargo airport, provides industrial leasing drivers.
Most of the largest cities in the Midwest, including Chicago, Detroit, Indianapolis and Minneapolis, rank in the middle of the pack. Geographic and infrastructure advantages support leasing by small manufacturing and distribution tenants in these locations.
However, limited population growth, or in some cases population losses, result in less robust leasing among smaller tenants in local construction trades. Similar headwinds weigh on leasing in other middle-ranking markets such as New York City and California’s East Bay.
A diverse set of locales comprise the 20 markets with the highest availability rates and leasing times for small industrial spaces. The four largest Texas markets, Austin, Dallas-Fort Worth, Houston and San Antonio, all rank in this group.
In all four of these markets, the stock of industrial properties smaller than 50,000 square feet has increased at more than twice the national rate over the past five years, with Austin and Houston more than quadrupling the U.S. growth rate.
Texas is widely known for the growth-friendly policies of its state and local governments. More abundant development of small industrial properties is likely contributing to these markets’ higher availability rates.
However, most of these 20 markets with higher availability rates and longer leasing timelines than most locales still have limited inventories of small industrial spaces available for lease. For example, in Dallas-Fort Worth, the current 6.1% availability rate for small industrial properties is well below the 8.7% level recorded in the market 10 years ago. Similarly, the median time to lease for spaces smaller than 10,000 square feet in Dallas-Fort Worth is 3 1/2 months, down from the median time to lease of five months recorded 10 years earlier.
To read this original article posted by CoStar: https://product.costar.com/home/news/533213281
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