The Real Deal Showcase

Hardhats show their softer side, Heiberger opens up, and top brokers and developers come to terms with the new market: Highlights from TRD forum

You’d expect construction bosses to be gladiators, experts at using the bully pulpit to advocate for the hardhats and contractors they represent. More unusual, however, is seeing them apply Churchillian diplomacy on stage. But that’s what the audience at The Real Deal’s 11th annual New York Showcase and Forum got to witness Monday.

In the midst of a discussion about the bitter battle between unions and Rel阿拉爱上海同城 爱上海龙凤419桑拿ated Companies at Hudson Yards, the country’s biggest private development, Lou Coletti, president of the Building Trades Employers’ Association, requested a moment to read a quote aloud. He took out his spectacles, pulled out a paper and delivered a line from “The Darkest Hour,” the Winston Churchill biopic.

“Success is not final, failure is not fatal: it is the courage to continue that counts.”

John Banks, president of the Real Estate Board of New York, elicited another highlight-worthy moment when he came to the defense of Gary LaBarbera, president of the Building and Construction Trade Council of Greater New York. “Anyone who would impugn his integrity, doesn’t know the man,” Banks said of LaBarbera, prompting the union leader to reach over shake his hand, and pat his thigh lovingly. LaBarbera said that his group was ready to come to the table and hash things out with Related. The developer, however, wasn’t buying it.

The even[……]

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Mayor Rahm Emanuel

Emanuel heads for exit with Downtown development booming, other neighborhoods feeling left out Massive office and apartment projects rise along the river, but critics say the mayor didn’t focus on affordability

Mayor Rahm Emanuel (Credit: Getty Images, iStock)

Mayor Rahm Emanuel has regularly touted his 阿爱上海同城 阿拉爱上海同城administration’s ability to lure corporate headquarters to Downtown from the suburbs — and beyond — and last year boasted of the record number of tower cranes adding to the city’s office and residential tower development.

Emanuel, who stunned the city Tuesday when he announced he would not seek a third term, has led Chicago during a time of explosive real estate growth that tracked the nationwide economy’s strong recovery following the recession.

But during his seven and a half years in office, the mayor has also been criticized for what some critics say has been an administration too focused on Downtown development — at the expense of the surrounding neighborhoods. In recent months, Emanuel launched a flurry of efforts designed to boost affordable housing, though s阿拉爱上海同城 爱上海龙凤419桑拿keptics viewed them as window dressing designed to address the “two Chicagos” criticism and mollify minority voters running up to his now-abandoned re-election efforts. That phrase about two Chicagos, one for the rich and one for everyone else, was generally directed more at the inability to stem the city’s violent crime problem, along with its drop in job opportunity and population.

Alan Lev, president a[……]

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Systemic Risk

Banks are far more exposed to risky real estate loans than you think thanks to
this loophole Big banks increasingly back debt funds and mortgage REITs

Private debt funds are often just bank money in disguise

UPDATED, Nov. 6, 4:47 p.m.: Last February, Slate Property Group and GreenOak Real Estate landed a $285 million loan from the Blackstone Group to finance the acquisition and renovation of RiverTower, the enormous Midtown East rental building. It was a bold deal: although the young Manhattan-based Slate has done around $3 billion in deals in recent years, it had never taken on a single transaction close to this size.

In years past, a bank would have been the most likely lender on such a deal. That Slate and GreenOak instead tapped an investment firm for the debt illustrated how real estate finance had changed in the post-2008 era.

But there was a catch not mentioned in news reports at the time. About a month after the loan closed, Blackstone sold the more senior portion of it to the Bank of China, property records show.

Maneuvers like this are rarely publicized. But they are so common that it’s rare to find a real estate loan issued by a non-bank lender like a private debt fund or a commercial mortgage REIT that isn’t ultimately financed at least in part by a conventional bank.

The practice raises questions about whether post-crisis financial regulations carry teeth. After the government had to bail out big banks over soured real estate loans, regulators set out to reduce banks’[……]

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Allen Weisselberg

Cohen s testimony brings Trump Organization CFO — and his family — into the limelight Allen Weisselberg “probably will” be called before the House Committee on Oversight and Reform

Michael Cohen and Allen Weisselberg (Credit: Getty)

A long-time Trump Organization executive, who got his start with the Trump family as an accountant for Fred Trump, is probably going to get called to appear before the House Committee on Oversight and Reform.

President Donald Trump s long-time accountant 上海贵族宝贝论坛 上海贵族宝贝and Trump Organization CFO Allen Weisselberg was mentioned over 20 times in Michael Cohen s testimony before Congress last week, the New York Times reported.

Based on that testimony, Weisselberg s role in the president and his real estate company s finances is likely to bring the accountant under scrutiny. After the congressional hearing, the House Committee s chairman Elijah Cummings said he probably will call more witnesses, including Weisselberg.

Meanwhile, Cohen s statements last week have already brought Weisselberg s — and his sons  — decades-long relationship with the Trump real estate empire to the fore in a Times report published a day after the hearing.

In 2000, Weisselberg 上海贵族宝贝 上海千花网龙凤论坛reportedly bought a one-bedroom apartment at Trump Parc East for $152上海夜网 阿爱上海同城,500. He then transferred the property to his son, Jack, who sold it for four times his father s investment in 2006, according to the Times.

Since 2008, Jack Weisselberg has worked at Ladder Capital, a commercial-focused real estate in[……]

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Congestion Fees

Why investors should scramble to buy parking garages north of 60th Street New fees expected to be introduced in 2023 will decrease traffic in the city

A parking garage in Manhattan (Credit: Wikipedia)

It s not just drivers from the suburbs that will be smarting from the new congestion pricing plan for Manhattan. Parking garage owners in the prime office districts will also be hit hard.

While the number of parking garages ha爱上海龙凤419桑拿 上海龙凤论坛sh1fs increased across Manhattan, the number in Midtown and Downtown have dropped 25 percent in the past decade to 330 lots, according to The Wall Street Journal. Congestion fees are expected to be introduced in 2021, which will charge motorists around $11.50 to enter Manhattan below 60th Street.

The Journal reported that some Manhattan garage owners have filed plans t爱上海同城论坛 爱上海同城o demolish and convert爱上海同城对对碰 爱上海同城论坛 to retail or apartment buildings in the past five years.

Calls for congestion pricing have been around for years, and became more concrete after London introduced fees to drive in its central district in 2002

The Real Est爱上海 爱上海同城手机版ate Board of New York has supported congestion pricing, leaving parking garage landlords to fend for themselves. The industry has already reported declining revenu爱上海龙凤419桑拿 上海龙凤论坛sh1fes thanks to the rise of ride-hailing firms Lyft and Uber.

But congestion pricing could have the opposite effect for parking garages located just outside of the fee zone, where drivers are more likely to park and then walk to work. The number of garages for all[……]

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