King Abdullah Economic City

There s a $95B city in Saudi Arabia that has seen its population grow by 70% in one year

KAEC and Fahd Al-Rasheed, the Group CEO and Managing Director of King Abdullah Economic City (KAEC) spoke to Business Insider in Davos for the World Economic Forum meeting. (McKinsey/YouTube)

The boss of a $95 billion city being built in Saudi Arabia says that it has attracted more white-collar workers, companies and increased its population by 70 percent over the last year.

Fahd Al-Rasheed, CEO of the King Abdullah Economic City (KAEC) said in an interview with Business Insider that while there were challenges over 2016 in the building sector, it had attracted more companies to expand their businesses there as well visitors too.

Population growth is increasing as more companies open in the city and as the city’s reputation as a tourism and entertainment center grows, Al-Rasheed told BI.

We welcomed more than 160,000 visitors to the city in 2016, attracted by the many events and festivals that are hosted by or held in KAEC. That visitor traffic is a key element in attracting people to live and invest in KAEC and we saw the population increase by almost 70 percent in 2016 to exceed 7,000 people. We are a Saudi city and the majority of our population growth is from the domestic market, though we remain a very multi-cultural community.

Our plan for 2017 is to double the number of people visiting the city. This, along with an expected improvement in investor sentiment toward real estate, will drive continued population this year.

The KAEC was initially announced by King Abdullah bin Abdulaziz Al Saud in 2005. 上海千花网交友 上海千花网论坛The project is not expected to be completed until 2035. Plans call for the city to eventually have 2 million residents across 70 square miles — the equivalent of Washington, D.C. So at the moment, while it KAEC is growing, the population is still small, relative to its overall capacity.

KAEC. KAEC

But Al-Rasheed said that after some initial teething problems,  the city is growing rapidly and os expected t上海夜网论坛 上海夜网o host dozens of the world s largest companies, including the au上海龙凤论坛sh1f 上海龙凤论坛tomaker Volvo, and the pharmaceuticals firms Pfizer and Sanofi.

The city is continuing to grow and is attracting a strong mix of local, regional and international business. We increased the number of tenants in our Industrial Valley by 26 percent in 2016 to more than 120 companies establishing operations in the city. The number of facilities either operational or under construction has increased by 23 percent and the number of companies that are now engaged in commercial operations has doubled since the beginning of 2016, he said.

In addition, we have started to attract more white-collar businesses to the city by offering a new corporate incentive package and we are focusing a lot of attention in 2017 on providing support and facilities for SMEs and entrepreneurial companies. And our growing reputation as a leading leisure destination in the Kingdom is attracting interest f[……]

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452 Fifth Avenue

HSBC renews 548K sf lease at 452 Fifth Bank had kicked tires at Hudson Yards, Manhattan West, World Trade Center: sources

Eli Elefant and 452 Fifth Avenue

Financial services giant HSBC Bank is staying put at its U.S. headquarters at 452 Fifth Avenue, after several years of exploring its options elsewhere, The Real Deal has learned.

The London-based bank has inked a deal to remain in its 548,000-square-foot space at HSBC Tower for at least five more years, according to Eli Elefant of PBC USA, which owns the building.

HSBC scop上海贵族宝贝 上海千花网龙凤论坛ed out spaces at Related Companies Hudson Yards, Brookfield s Manhattan West and the World Trade Center complex before finally deciding to stay put, sources said. The company s lease will now expire in 2025.

A team led by Peter Riguardi of JLL represented HSBC in the negotiations, while a J爱上海同城 爱上海LL team led by Paul Glickman represented PBC. Elefant declined to comment on asking rent, but sources with knowledge of t上海贵族宝贝 上海千花网龙凤论坛he deal said PBC was asking in excess of $80 per square foot. Sources told TRD that rent f上海贵族宝贝交流区 上海贵族宝贝论坛or the extension period 2020 through 2025 increased from $32 million per year to $43 million per year.

The deal is a welcome result for PBC, which previously shot down reports that it was looking to sell the building. Sources said Nochi Dankner, a prominent shareholder in PBC s Israeli parent company IDB Holding Corp., had been the one pushing for the sale. Last year, an Israeli court sentenced Dankner to two years in prison for securities fraud for his role in fraudulent transactions designed to influence the share price of the troubled company.

The criminal proceedings did not impact PBC, however.

PBC bought the building from HSBC for $330 million in 2010 in a lease-back deal and upgraded it, renovating the lobby and entrance as well as the high-rise elevators.

Elefant told TRD that PBC is looking to hold on to the Fifth Avenue tower long term and is seeking only to grow its business in North America.

This asset is equal in its quality to new construction, he said. We ve had an unequivocal commitment to the asset and to growing its value.

The 865,000-square-foot building, on the corner of 40th Street, is fully occupied. Other tenants include the law firm Baker Mckenzie, which inked a 15-year lease in 2011 for 105,803 square feet, and asset manager Tilden Park Cap爱上海龙凤419桑拿 上海龙凤论坛sh1fital Management, which signed a deal for 16,140 square feet in 2013.

Tags: 452 fifth avenue, Commercial Real Estate, hsbc, Office Leasing
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Affordable Housing

(Wikimedia Commons)

If you adhere to the common-sense rule that rent should account for about 28 percent of your monthly expenses, steer clear of the 105 cities the Blo爱上海同城对对碰 爱上海同城论坛omberg Global City Housing Affordability Index ranked you couldn t live in any of them.

That said, affordability improved in 51 cities, which improved their rankings in comparison with 2012 prices. The remaining 48 cities saw change head south in this year s rankings, according to Bloomberg News.

One definitive trend is that North American cities dominated the top 10 most affordable cities in the rankings, though the top most affordably city will likely come as a surprise. In the meantime, cities in 上海龙凤论坛sh1f 上海龙凤论坛emerging markets were the most un-affordable housing markets.

New York is roughly in the middle of the ranking this year, however London took the crown this year for the status of being the least-afforda上海贵族宝贝 上海千花网龙凤论坛ble city in Western Europe.

Out of all 105 cities included in the rankings, here are the top five least-affordable cities for housing and the top five most affordable cities:

Least affordable
1 Caracas

(Beatrice Murch)

2 Kiev

(Pixabay)

3 Hanoi

(Uwe Aranas/Wikimedia Commons)

4 Mumbai

(Mayur Thakare/Wikimedia Commons)

5 Buenos Aires

(Luis Argerich/Wikimedi阿爱上海同城 阿拉爱上海同城a Commons)

Most affordable
1 Riyadh

(Wikimedia Commons)

2 Houston

(Carol M. Highsmith)

3 Philadelphia

(Adam Jones)

4 Calgary

(Pixabay)

5 Ottawa

(Wladyslaw/Wikimedia Commons)

[Bloomberg News] E.K. Hudson新爱上海同城对对碰论坛 上海同城对对碰交友社区

Tags: affordable housing, global real estate, Housing Market
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Sagaponack compound with 137

A four-a爱上海同城 爱上海cre compoun上海夜网 阿爱上海同城d in Sagaponack featuring a conve阿爱上海同城 阿拉爱上海同城rted 1880 barn is on the market for $16 million爱上海同城手机版 新爱上海同城对对碰论坛. The historic barn offers three bedrooms and four and a half bathrooms, a barn-style pool house and a阿拉爱上海同城 爱上海龙凤419桑拿 nearby guest house has six more ensuite bedrooms. The property at 544 Hedges Lane had been listed for sale in 2015 at $22.5 million and in 2016 for $17.95 million. [Curbed]

Tags: Hamptons
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Mortgage Rates Increase

Inflation drives mortgage rates to peak not seen since 2014 阿拉爱上海同城 爱上海龙凤419桑拿Average rate for 30-year home loan is now 4.38%

(Credit: Max Pixel, Pexe上海千花社区 上海千花网交友ls)

Mortgage rates on 30-year, fixed-rate loans climbed to 4.38 percent this week, the highest they have been since April 2014. The rates last week stood at 4.32 percent, according to mortgage buyer Freddie Mac.

The gains are a direct result of the rising上海千花网交友 上海千花网论坛 yields for Treasury notes, which have been steadily increasing amid fears of an inflation, Bloomberg reported. The yield on the 10-year note reached above 2.94 percent this week, up from 2.78 percent two weeks ago.

Rising mortgages make it increasingly difficult for prospective homebuyers to own a home, especially in expensive states like California and New York.

Monthly payments on a $300,000, 30-year loan are now $1,499, up from $1,394 when the average rate stood at 3.78 percent.

The core consumer price index jumped 0.3 percent from December to 爱上海龙凤419桑拿 上海龙凤论坛sh1fJanuary, according to a report from the U.S. Department of Labor. That hike, which was the biggest in a year, drove some analysts and investors to believe the Federal Reserve will incre上海千花网论坛 上海千花网ase interest rates again. [Bloomberg] — Natalie Hoberman

Tags: mortgages, Re
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Shahal Khan

Investors hope cryptocurrency raise will buy them the Plaza Hotel Shahal Khan and partners are pitching上海龙凤论坛sh1f 上海龙凤论坛 Subrata Roy on a $375 million “Plaza Token” raise

Shahal Khan and the Plaza Hotel (Credit: Wikimedia Commons, Pxhere)

Having trouble locking down enou上海夜网论坛 上海夜网gh equity or a fat acquisition loan for your first splashy Manhattan investment play? To hell with banks and funds why not just do a simple $375 million cryptocurrency offering and get the deal done already?

That s what Shahal Khan and a group of investors under the banner of Chimera want to do en route to buying the majority stake in the Plaza Hotel, according to a CNBC report.

The news website reported that Khan and company are floating a securitized token爱上海龙凤419桑拿 上海龙凤论坛sh1f called Plaza Token, but that a deal has not yet been finalized. The group is in talks with the Plaza s majority owner, Subrata Roy s Sahara Group. No funds have been raised as of yet, and there is no guarantee that an ICO would be successful, CNBC noted.

A $375 million cryptocurrency offering for a single real estate asset is unprecedented. The largest known property deal completed entirely with Bitcoin, for example, is a $6 million mansion in South Florida.

爱上海同城论坛 爱上海同城

A person affiliated with the Chimera Group who did not wish to be named disputed aspects of the CNBC report, however, telling The Real Deal the crypto-raise is something perhaps to consider in the future but any transaction [at the Plaza] will be funded with traditional financing first.

The cryptocurrency market is marked by extreme volatility and is fertile ground for pump-and-dumps and other securities schemes, which have attracted rising regulatory scrutiny from the Commodities Futures Trading Commission. In December, the most popular cryptocurrency, Bitcoin, lost 30 percent of its value in a single day.

Minority stakes in the Plaza Hotel are owned by Ashkenazy Acquisition and Kingdom Holding, which is controlled by no-longer-imprisoned Saudi Prince Al Waleed bin Talal. Qatari in上海夜网论坛 上海夜网vestor and former prime minister Sheikh Hamad Bin Jassim Bin Jaber al-Thani, also known as HBJ, acquired debt on the building last year.

Khan has been well known to be in the hunt for the Plaza for years now.

Tags: Commercial Real Estate, Plaza Hotel
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Realogy

Big commissions payouts, new dev slowdown cut into Realogy s bottom line The company’s quarterly earnings report singled out NRT for a $67M decline

Ryan Schneider (Photo by Jhila Farzaneh)

A slowdown in new development and a $40 million increase in agent commissions in its NRT division brought negative profits to Realogy Holdings during the first quarter.

In its quarterly report released Monday, the New Jersey-based real estate and franchise giant reported $1.2 billion in revenue, a 2 percent increase compared with the first quarter in 2017, which it said was driven by increases in home sale transaction volume, valued at $100 billion.

But it noted a string of declines driven by a drop in EBITDA, which had halved to $34 million. Net loss more than doubled to $67 million, compared to the first quarter of 2017, while loss per share was $0.51, down from $0.20. Negative cash flow also doubled to $166 million.

The slump in profit was blamed on pressures facing NRT, which includes Corcoran Group,  Citi Habitats, Sotheby s International Realty and Coldwell Banker.

The year-over-year decline of $27 million w新爱上海同城对对碰论坛 上海同城对对碰交友社区as largely due to a $24 million decli上海千花网论坛 上海千花网ne at NRT, which was primarily a result of greater agent commission costs and softness in the New York City market, said Anthony Hull, the company s treasurer.

Realogy s chief executive, Ryan Schneider said the high commission rates contributed the lions share to the profit decline, but added rates are expected to moderate for the remainder of 2018.

The New York City market is challenging right now, Schneider said. When New York City and the Hamptons are included in the overall numbers, NRT s Northeast volume was actually down 9 percent.

Hull said NRT commission expenses increased by $40 million.

Of the $40 million increase, approximately one-third was due to volume growth, about half from agent retention and recruiting and the remainder was due to new development activity, said Hull.

In Wedne上海龙凤论坛 新上海贵族宝贝论坛sday s earnings call, Schneider said the conglomerate is turning to investments in technology and data products, and have already developed four products for agents to increase efficiency.

Earlier this year, Schneider dism上海同城对对碰交友社区 上海夜网论坛issed rivals he said were spending millions of dollars trying to replicate the company s size, after it reported an increased market share to 15.9 percent, up from 15.7 percent. The comments came after the vowed to become a recruiting machine in the face of rivals with deep pool新爱上海同城对对碰论坛 上海同城对对碰交友社区s of capital.

Tags: realogy, Residential Real Estate
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Cushman & Wakefield

The pre-IPO brain drain at Cushman Wakefield is no secret. But it’s also become increasingly clear that some of the company’s resources have been sacrificed to get to this point.

In recent months, the brokerage has laid off a number of support staffers, including some who prepare marketing and presentation materials for brokers. The firm also implemented a new policy restricting the reimbursement of travel expenses for brokers — a move that has not been good for agent morale. And sources inside the company say there are more layers of approval than ever to collect reimbursements for business expenses.

Click here to read the full story:
Will Cushman fall flat on Wall Street?

Internally, the practice of cutting staff and dressing up financial statements has been referred to as “preening up the doll,” said one Cushman broker.

“Expense reductions do suck, especially for the brokers,” said a high-level source who formerly worked at the firm. “But it’s not uncommon to primp and dress up the earnings to do something like that. The cuts are not sustainable in the long term. The thinking is, ‘Let’s be sure our finances and metrics are in line with our competitors.’”

Some market experts, however, are skeptical of too much cutting.

“A lot of housecleaning, in my opinion, doesn’t jibe with an IPO,” said Josh Barber, a research analyst at Diamond Hill Capital Management.

While shaving zeros off the expense ledger might make the company’s financial statement look more attractive to outside investors, it’s causing friction — and turnover — at Cushman’s Midtown office.

Late last year, Tod Lickerman stepped down as CEO of the Americas and went to a Chicago-based private equity investor. But Lickerman told TRD he thinks the company is moving in the right direction. “Cushman was built to get to and perform at this level,” he said. “Whatever the board decides to do, the company is in good shape and should continue to grow.”

Then, in March, Executive Vice Chairman Peter Hennessy was fired after lashing out at Lickerman’s replacement, Shawn Mobley, over the firm’s new expense policy.

Others have left in recent months of their own accord.

In April, office leasing veteran Gus Field, who spent 30 years at Cushman, jumped to mega-developer Tishman Speyer, where he was tapped as leasing director. And last month, Gene Spiegelman — who previously managed the company’s retai上海千花社区 上海千花网交友l arm — defected to Ripco Real Estate, where he’ll be one of three principals.

Meanwhile, the leadership team from Massey Knakal Realty Services, which Cushman acquired in late 2014 for $10新上海贵族宝贝论坛 上海贵族宝贝交流区0 million, is all but gone.

Power broker James Nelson decamped in January for Avison Young, where he’s now building up a 30-person team that will likely compete against Cushman in the midmarket investment sales space. And Paul Massey — who co-founded his namesake firm with Knakal — left in April to start his own firm focusing on debt and investment sales. He’s now aiming to be in as many as 10 cities.

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Corey Johnson

Corey Johnson weighs mayoral run, refuses contributions from developers Lobbyists, corporate PACs also on campaign’s “no” list

Corey Johnson rejecting cash (Credit: Getty Images)

He s running.

New York City Council speaker Corey Johnson announced Monday morning that he is thinking about running for mayor in the 2021 election.

The campaign, which Johnson describes as people-powered, would reject contributions from real estate deve阿拉爱上海同城 爱上海龙凤419桑拿lopers, lobbyists and corporate political action committees, as well as anyone employed by a developer or lobbyist. Additionally, the campaign will not acc上海龙凤论坛 新上海贵族宝贝论坛ept contributions of greater than $250 from any individual.

Political contributions from the real estate industry have long been a significant, and controversial, factor in both city and state politics. During his campaign to become City Council Speaker in 2017, Johnson himself received more than $63,000 in campaign contributions from the industry — more than 12 percent of all funds received by the campaign.

In a past life, Johnson was employed by a real estate developer himself, serving as director of government relations and community affairs for GFI Development from 2008 to 2010.

This fact was used against Johnson by opponents in his previous campaign for City Counc上海千花社区 上海千花网交友il — not only because GFI is a real estate developer but because the company had made political contributions to opponents of same-sex marriage.

More recently, Johnson has clashed heads with developers in his role as City Council Speaker. In December, City Council filed a lawsuit against the city over Michael Stern’s controver爱上海同城对对碰 爱上海同城论坛sial Two Bridges development, arguing that the city improperly fast-tracked the project by deeming it a minor modification.

And last week on Twitter, Johnson responded to news of Ken Griffin s record-breaking $238 million penthouse buy by calling it immoral, and called for a pied-a-terre tax on luxury non-primary residences.

Enough.

It’s time for a pied-a-terre tax. We should tax luxury non-primary residences, like this one likely will be.

Are you with me? https://t.co/fGxG88j6k5

— NYC Council Speaker Corey Johnson (@NYCSpeakerCoJo) January 25, 2019

This is immoral.

A $238 million condo that will sit mostly empty.

That required dozens of middle-class rent-stabilized tenants to be evicted in order to erect this new building.

And whose owner will likely pay no NY income tax. https://t.co/fGxG88j6k5

— NYC Cou爱上海同城 爱上海ncil Speaker Corey Johnson (@NYCSpeakerCoJo) January 25, 2019

The 2021 election to replace Mayor Bill de Blasio, who has reached his two-term limit, is expected to consist of a wide field. Thanks to reforms introduced by de Blasio, the first $250 given to a campaign by a resident of New York City is now matched 8-to-1 by the city.

Bronx borough president Ruben Diaz Jr. is currently the sole officially-declared mayoral candidate. City comptroller Scott M. Stringer is also expected to begin fundraising for a campaign soon.

Tags: Corey Johnson, Politics
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Marquand

Elie Hirschfeld 11 East 68th Street (Credit: Getty Images)

Elie Hirschfeld s firm is selli上海夜网论坛 上海夜网ng the investment penthouse it bought at the Marquand.

While the last listing price of the six-bedroom triplex pad before going into contract was $36 million, Karl Griggs, executive vice president at Hirschfeld Properties, said the company didn’t sell everything they owned in the building and the price doesn’t represent a l爱上海龙凤419桑拿 上海龙凤论坛sh1foss.

“We had an offer and it made sense to sell,” Griggs said. “We didn’t sell the entire package.”

Hischfeld in September 2016 paid $37.5 million for the penthouse pad. T新爱上海同城对对碰论坛 上海同城对对碰交友社区he firm declined to state what other units it had at 11 East 68th Street, which HFZ Capital Group and Vornado Realty Trust bought in 2011 and converted to luxury condominiums.

Located a block from Central Park, the apartment features seven bathrooms and has two terraces with an outdoor exercise pool and hot tub.

John Burger at Brown Harris Stevens had the listing.

Tags: elie hirschfeld, hirschfeld properties, Residential Real Estate
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