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Mortgage Payments

Congress could play Grinch this Christmas for homeowners There’s strong sentiment that an overhaul and simplification of the tax code should be the priority

How the Grinch Stole Christmas (credit: Dr. Seuss Ente上海千花社区 上海千花网交友rprises) and an aerial view of houses

Could it be a grim and grinchy December for thousands of home owners facing ongoing challenges with their mortgage payments and property values? Could popular deductions for mortgage insurance premiums and energy-efficient home improvements abruptly vanish?

That s the way things are shaping up in the closing weeks of the post-election lame duck congressional session. Republicans controlling the tax-writing committees in the House and Senate say they have no plans to extend expiring tax code provisions such as mortgage debt forgiveness for financially troubled owners, mortgage insurance write-offs used by moderate-income first-time buyers, and deductions for purchases of energy-saving windows, insulation and other improvements.

All three benefits terminate Dec. 31. Unlike previous years, when Congress extended them, this year is different. There 爱上海同城 爱上海is strong sentiment, especially in the House, that a comprehensive overhaul and simplification of the tax code should be the priority, rather than piecemeal, end-of-the-year extensions of special interest provisions that complicate that objective.

The f新上海贵族宝贝论坛 上海贵族宝贝交流区ailure to pass so-called extenders would be especially painful for large numbers of underwater owners who are unable to c[……]

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Hamptons Real Estate

As the East End gears up for summer 2017, a look at the market’s soft off-season, new high-profile pop-up restaurant and the latest mega trades

The famed East Hampton home known as Grey Gardens is on the market for $19 million.

As New Yorkers get ready for the upcoming Hamptons season, they’ll have no shortage of off-season news to chew on. While they were perched in their high-end Manhattan condos and townhouses watching the 2016 presidential election unfold and braving the winter, the East End market was chugging along, albeit at a slower clip. Prices in the Hamptons dropped 8.1 percent between 2015 and 2016, and the number of transactions sank by 14 percent. While sales dropped across various price segments, a fourth-quarter market report by Douglas Elliman found that transac上海千花网论坛 上海千花网tions above $5 million fell a massive 40.3 percent, “skewing marketwide price indicators lower.” Still, despite that slowdown, there has been plenty of action and celebrity-house swapping on the East End. “Today” host Matt Lauer, for one, plunked down $33 million on Richard Gere’s former house back in September. Meanwhile, the iconic home dubbed Grey Gardens hit the market in late February; the tony restaurant 11 Madison Park inked a阿拉爱上海同城 爱上海龙凤419桑拿 summer pop-up location; and, on a more somber note, the iconic Sag Harbor Cinema, an institution on Main Str上海千花网交友 上海千花网论坛eet in that town, burned to the ground. Here’s a look at some of the most interesting off-season stats.

$2.25M

The asking price for the Hamptons[……]

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$6.78M Georgica home sold after only 4 months on the market

Only four 上海千花网 爱上海同城对对碰months after going on the market, the one-acre上海同城对对碰交友社区 上海夜网论坛 property at 56 La Forest Lane in Georgica sold for $6.78 million — a bit below新爱上海同城对对碰论坛 上海同城对对碰交友社区 the $7.5 million asking price. The 3,500-square-foot, five-bedroom, 上海贵族宝贝交流区 上海贵族宝贝论坛four-bathroom home was built in 1976, and the plot features a heated pool and privacy hedges. Sotheby’s International Rea上海同城对对碰交友社区 上海夜网论坛lty agents Dana Trotter and Frank Newbold had the listing. [Curbed]

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Ollie Los Angeles

Ollie has raised $1上海龙凤论坛sh1f 上海龙凤论坛5 million to expand co-living operation Startup plans to open LA outpost in late 2019

(Credit: Wikimedia Commons)

Taking advantage of a tight housing market and ever-rising rents, co-living startup Ollie has just raised $15 million, and is expanding into Los Angeles.

Ollie already had plans to move into the L.A. market with the conversion of the former Cecil Hotel into a 301-micro unit outpost, set to open in late 2019. Ollie, which is based in New York, has locations there and in Pittsburgh. It has also announced 2019 openings in Boston and J上海龙凤论坛sh1f 上海龙凤论坛ersey City.

Investors include Moinian Group’s Currency M division, Tinder co-founder Justin Mateen, and a partnership between Aviva Investors Real Estate Capital Global Co-Investment Fund and the Employees Retirement System of Texas, according to Tech Crunch.

The co-living concept puts an emphasis on shared building spaces, amenities to simplify living for tenants (wifi rolled into rent), and fully furnished apartments.

The Ollie business model differs from some competitors. The company emphasizes hotel-style amenities like regular housekeeping and a butler service. Apartments are also smaller than many rivals and are decked out with more upscale modern furniture than the “bohemian co-op look” some competitors go for, according to the company上海贵族宝贝论坛 上海贵族宝贝’s West Coast director Ellen Parry.

But the co-living space remains competitive.

Treehouse, another L.A.-based startup, recently broke group on what it call[……]

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Sentinel Real Estate

Sentinel sells rent-stabilized Crown Heights buildings for $53M GRJ Real Estate 上海千花网论坛 上海千花网is the new owner of 125 residential units on Washington Avenue.

From left: 921, 941 Washington Avenue and Sentinel s John Streicker

International landlord Sentinel Real Estate sold two rental buildings at 921 and 941 爱上海同城对对碰 爱上海同城论坛Washington Avenue in Crown Heights for $53.3 million, records filed with the city Thursday show. The buyer was Graham and Gregory Jones GRJ Real Estate, a multifamily investment firm started by the siblings in 2010.

According to recent tax records, 71 of the buildings 125 apartments are still rent-stabilized, indicating that many of 90-year-old buildings units have阿爱上海同城 阿拉爱上海同城 been deregulated over time. A two-bedroom apartment at 921 Washington Avenue leased for $3,425 in September, according to listings website StreetEasy.

Representatives for GRJ did not immediately respond to a request for comment. A managing director at Sentinel referred comment to a pu上海龙凤论坛 新上海贵族宝贝论坛blicist who did not respond to a subsequent request.

The two buildings span approximately 145,500 square feet and both measure six stories high. The larger of the two is 921 Washington Avenue, which holds 75 apartments, according to the most recent Department of Buildings permit filings. The buildings overlook Brooklyn s Prospect Park.

Marcus Millichap s Peter Von Der Ahe, Joe Koicim, Shaun Riney and Dan Greenblatt brokered the sale.

In Windsor Terrace, Sentinel sold an 83-unit elevator building last month for $34 milli[……]

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Wells Fargo

Big banks expose themselves to subprime loans through other lenders Wells Fargo, Citigroup and other large f上海夜网论坛 上海夜网inancial institutions have extended $345B in credit to lenders specializing in subpri上海贵族宝贝 上海千花网龙凤论坛me loans

A Wells Fargo bank and Stephen Schwarzman (Credit: Wikipedia Commons)

Most of America’s big banks have moved away from 上海龙凤论坛 新上海贵族宝贝论坛direct loans to subprime borrowers after the financial crisis, but many are handing out billions to nonbank lenders that specialize in those high-risk loans.

Banks including Wells Fargo, Citigroup Inc. and Bank of America have a collective $345 billion out to nonbank lenders that make their money loaning to subprime borrowers at high interest rates, according to a Wall Street Journal report. That’s six times more than the amount they had out with those lenders in 2010.

Wells Fargo leads the pack with $81 billion out to nonbank lenders such as the Blackstone-owned lender Exeter Finance LLC, which provides auto loans at rates like 15 percent to subprime borrowers. Exeter pays back the banks by packaging them into securities and selling them to private investors.

Exeter CEO Jason Grubb told the Journal that the banks are well protected by how they structure their loans to 上海同城对对碰交友社区 上海夜网论坛his company, which he said had a “consistently strong credit performance.”

Nonbank mortgage lenders have filled a void left by traditional bank lenders in the wake of the financial crisis when regulators cracked down on the subprime lending that spurred the downturn. E[……]

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Inwood Rezoning

The Inwood rezoning came with a surprise: commercial rent control The pla爱上海同城手机版 新爱上海同城对对碰论坛n seeks to help small businesses

Bill de Blasio, locked cash, and Inwood (Credit: Getty, iStock, and Airbnb)

The mayor is hoping to attract small businesses to Inwood through an element of the neighborhood’s rezoning.

There’s a t爱上海同城论坛 爱上海同城ype of commercial rent control in the agreement between the de Blasio administration and local Councilman Ydanis Rodriguez, Crain’s reported. New mixed-use developments receiving $2 million or more from the Department of Housing Preservation and Development must give commercial tenants a lease of at least 10 years with limited rental increases, th上海同城对对碰交友社区 上海夜网论坛e report said. It will 上海贵族宝贝论坛 上海贵族宝贝apply to as much as 5,000 square feet of the total non-residential floor area.

The administration sa上海千花网论坛 上海千花网id it will “work with knowledgeable community stakeholders to decide which businesses get leases.

A decade s a long time in the life of a business in a changing community, and if we need to find ways to extend upon it going forward, it gives government the opportunity to do so, de Blasio said during a WNYC’s “Ask the Mayor” segment. But right now, it says to a lot of neighborhood small businesses, Here s a place for you that will work.

The mayor and Rodriguez touted the program as a first for the city — and de Blasio said it could be used in future rezonings.

This week, the City Council voted through the plan that would allow more development and increase housing in the upper[……]

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Amazon Seattle

Amazon walks away from 722K sf lease for Seattle s Rainier Square Leased signed in 2017 by e-commerce giant was one of Seattle’s biggest

Jeff Bezos is backing his company out of a massive real estate deal in downtown Seattle (Credit: Getty Images)

UPDATED, Feb. 27, 3:53 p.m.: Amazon is walking away from another huge real estate deal, this time in its hometown of Seattle.

The e-commerce giant is cancelling a 722,000-square-foot lease for the entirety of Wright Runstad Company’s 58-story Rainier Square towe上海龙凤论坛 新上海贵族宝贝论坛r, currently under construction, according to the Seattle Times. Last year Amazon threatened to pull the plug on the lease if the city passed a proposed business tax, which it ultimately did not.

Th上海龙凤论坛 新上海贵族宝贝论坛e decision comes just two weeks after Amazon shocked real estate watchers and abandoned plans for a new 25,000-job headquarters in New York’s L上海贵族宝贝 上海千花网龙凤论坛ong Island City neighborhood. In doing so, the company turned away from a $3 billion incentive program amid intense opposition to the deal from some city, state, and federal lawmakers.

Both the Seat上海千花社区 上海千花网交友tle and Long Island City episodes show Amazon is willing to leave major deals on the table if it can’t get the economic concessions it wants from local governments. Seattle s so-called head tax would have taxed large companies around $27上海贵族宝贝 上海千花网龙凤论坛5 per employee to pay for services and housing for people experiencing homelessness.

The Rainier Square lease was one of the biggest in Seattle’s history. The facility would have been[……]

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106 Spring Street

Lawsuits, pop-ups and ragers: Why 60 Guilders took a $25M loss on its prized Soho retail property Seller’s three-year tenure marked by litigation, leasing troubles before sale to SL Green

From left: SL Green CEO Marc Holliday, 106 Spring Street, and 60 Guilders Kevin Chisholm and Bastien Broda (Credit: SL Green, Google Maps, and 60 Guilders)

In spring 2016, retail-focused investment firm 60 Guilders and the Carlyle Group made a big bet on Soho with one of the priciest retail investment deals ever. In the three years since, all they ve gotten in return was a soured expansion deal, repeated eviction threats, just two short-term pop up tenants, and finally, a $25 million loss.

60 Guilders and Carlyle have sold the retail co-op unit at 106 Spring Street to SL Green Realty for $79.5 million, a significant discount from the $105 million they originally paid for the space, according to city property records filed last week. The firms fraught relationship with the building s co-op board represented by an entity called Workspace, Inc. appears to have played a significant role in the price cut, according to court documents examined by The Real Deal.

Si上海贵族宝贝交流区 上海贵族宝贝论坛nce the start of the parties’ relationship, Workspace has consistently attempted to oppress Plaintiff and find ways to terminate the Proprietary Lease without any valid justification or reason, the retail owners say in the second of two lawsuits filed against Workspace, Inc.

60 Guilders, Carlyle, SL Green, and a member of the co-op[……]

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