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CMBS Risk Retention

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The little-known CMBS bill that could have a major impact on NYC real estate Proposed reform would soften Dodd-Frank risk retention rules

New York’s real estate industry is keeping a close eye on Capitol Hill – and not just because the U.S. Senate is debating the future of the EB-5 visa program. In March, the House financial services committee quietly passed a bill that could have a big impact on commercial real estate lending.

Dubbed the Preserving Access to CRE Capital Act of 2016, the bill would soften restrictions on CMBS issu新上海贵族宝贝论坛 上海贵族宝贝交流区ance that are set to take effect in December. It still faces a vote in the House of Representatives – which may be a tall order in an election year. But if the bill passes, it would make a lot of real estate lenders and borrowers very happy.

A bit of background: In December 2016, new risk retention rules for CMBS issuers under the Dodd-Frank Wall Street Reform and Consumer Protection Act will take effect. The new rules require CMBS issuers to keep five percent of a loan’s value on their books – as opposed to selling all of it in the form of bonds. Issuers can pass this share on to B-piece bondholders, but only if the bondholders agree to not sell the CMBS for at least five years.

 

These risk-retention rules are a cornerstone of post-2008 financial reform. By forcing CMBS issuers to hold o爱上海同城手机版 新爱上海同城对对碰论坛n to some of the bonds they issue, the rules are designed to discourage risky lending of the kind that proliferated during the housing bubble. Bu[……]

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Download The Real Deal’s mobile news app

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The Real Deal is bringing a cleaner design and more sea爱上海同城对对碰 爱上海同城论坛mless navigation to our latest mobile update, which is now available for download in Apple s App store and the 上海贵族宝贝交流区 上海贵族宝贝论坛Google Play store.

The latest version of our app includes a separate feed for our new Los Angeles website, which joined The Real Deal s family of news websites in January. An updated navigation bar allows readers to access each of the three markets with ease, and a new National tab aggregates our New York, South Florida爱上海 爱上海同城手机版 and Los Angeles websites into one stream.

We ve also incorporated a smoother, sleeker design. A new feature, which is located on the bottom left of a post, lets users increase the text size for easier reading. Like our previous app, you can text, email or share stories 上海龙凤论坛sh1f 上海龙凤论坛to your social media sites, via the icons located on the bottom of each post. You can also search f上海贵族宝贝 上海千花网龙凤论坛or stories you may have missed by clicking on the magnifying glass in the top right corner of the homepage.

Click here to download the iPhone app, or search for “The Real Deal” in the App Store. Android users, you can download the latest version here.

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Design

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Gov. Cuomo provides design-build expansion — but not in NYC Streamlined bidding could benefit NY projects seeking federal dollars

Andrew Cuomo, Bill de Blasio and the Brooklyn- Queens Expressway (Credit: Getty Images)

Gov. Andrew Cuomo s budget proposal could give New York a leg up when competing for federal infrastructure dollars, thanks to a proposal to streamline the bidding process for big projects. So long as the project isn t in New York City, that is.

The legislation, which would expand the use of design-build among state agencies, would not apply to the p上海龙凤论坛sh1f 上海龙凤论坛rocurement process by New 上海千花网 爱上海同城对对碰York City agencies, which are undertaking large projects such as the $1.7 billion repair of a section of the Brooklyn-Queens Expressway.

Design-build — which requires builders and designers to bid together on jobs — can save time, limit future disagreements and hold bidders accountable for cost and time overruns. The concept differs from traditional processes, in which big projects are bid to designers first, followed by construction firms.

Expanding the use of design-build is critical the爱上海同城 爱上海se days, particularly as President Trump is talking about a trillion-dollar infrastructure program that is going to rely heavily on public-private partnerships and efficient construction, Kathryn Wylde, president of the Partnership for New York City, told Crain s.

Mayor Bill de Blasio is expected to introduce a separate design-build bill as he s done in the past; but previous 爱上海 爱上海同城手机版bills have[……]

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681 Madison Ave

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681 Madison Ave. co-op association snags $75M loan The mortgage includes $60M in new financing

681 Madison Avenue

Cumberland House Corporation, the co-op association for the 16-story building at 681 Madison Avenue, secured a $75 million loan, according to property 上海龙凤论坛sh1f 上海龙凤论坛records filed Wednesday.

The a上海龙凤论坛sh1f 上海龙凤论坛greement, which combines two loans from AIG worth $60 million and $15 million, replaces a $15 million loan conso上海夜网 阿爱上海同城lidated by the Bank of New York Mellon in 2014.

Cumberland bought the 108-unit, mixed-use building in 1981 for $1.6 million, records show. Today, the building grosses over $5.2 million of income after expenses, according to tax filings available through the Department of Finance.

It’s not clear how Cumberland would utilize the $60 million in new financing. The loan matures in 2035.

A representative from the building’s management c阿爱上海同城 阿拉爱上海同城ompany, Brown Harris Stevens Residential 上海夜网论坛 上海夜网Management, and AIG could not immediately be reached for comment.

Tags: Real Estate Finance
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Alex Sapir

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CEO of ASRR sells all his shares in the company He’s not the first to divest from the Alex Sapir-led company

Another top executive has opted to divest from Alex Sapir s ASRR (Photo Illustration by Lexi Pilgrim)

Danny Avidan, CEO of ASRR Capital, an Israeli company with holdings in New York and South Florida, has sold off 上海千花网论坛 上海千花网his shares in the company to the principal, Alex Sapir, according to documents filed on the Tel Aviv Stock Exchange.

Avidan, who will continue as CEO, held less than 1 percent of the company’s shares. CEOs often sell stock, but rarely divest of all of their shares.

And he’s not the first to divest from ASRR in recent months, including Sapir’s partner, Rotem Rosen, who 爱上海 爱上海同城手机版departed the company in June with a $70 million paycheck, putting 80.5 percent of the company in Sapir’s hands.

Several development partners have also exited ASRR projects. In February, the Suzer Group sold its stakes in two projects, a condominium development at 218 Madison Avenue and Arte by Antonio Citterio, a waterfront boutique condo project in Surfside. Israeli investor Eyal Ben-Yosef partnered 爱上海同城对对碰 爱上海同城论坛with Sapir to replace them.

Then earlier this month, ASRR reported that Ben-Yosef wanted out as well, and is in negotiations with Sapir to sell his stake in the Surfside project.

A second Surfside project, which would have included both Ben-Yosef and Tzachi Hagag of the Hagag Group, fell through in June, shortly after Rosen’s departure was finalized.

Finally, at least one of s爱上海同城论坛 爱上海同城ev[……]

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Dallas Amazon Headquarters

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Amazon Does Dallas: Texas city tops new ranking for best HQ2 location爱上海同城对对碰 爱上海同城论坛 North Texas city boasts big college population, low cost of living, no state income tax

Dallas and Jeff Bezos (credit: fcn80)

Trying to figure out the best city for Amazon’s HQ2 has become a virtual cottage industry since the tech giant announced it was planning a second headquarters, and a new ranking puts Dallas at the top of the list.

The ranki上海贵族宝贝论坛 上海贵族宝贝ng put together by the Wall Street Journal ranks cities based on six factors: tech labor force, fiscal health, cost of living, college population, culture fit and state tax rank. Based on this criteria, it found that Dallas would be the ideal fit for HQ2, based partly on the lack of state income tax in Texas.

Atlanta, Chicago and Denver were the three cities that matched up most closely with Seattle, Amazon’s current home, while New York, Washington D.C. and Chicago were the three with the most tech talent.

And apologies to Austin, Minneapolis and Newark, but this latest爱上海同城对对碰 爱上海同城论坛 ranking pegs the trio of cities as long shots to land Amazon’s HQ2.

Boston came in second on the overall rankings, followed by a tie between Atlanta and Washington D.C. at number three, Chicago at number four and Atlanta at number five. New York was tied for sixth with Nashville.

Although New York submitted a bid for Amazon’s second headquarters, it is generally not seen上海千花网龙凤论坛 上海千花社区 as the most ideal location for the company, with Related Companies chairman Stephen Ross saying th[……]

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Kushner Companies

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White House attorneys investigating whether loans to Kushner Companies violated law: report Jared Kushner met with Apollo, Citibank prior to loans being provided

From left: Jared Kushner, Citigroup s Michael Corbat and Apollo s Leon Bla上海龙凤论坛sh1f 上海龙凤论坛ck

White House attorneys are determining whether $509 million worth of loans received by Kushner Companies violated federal ethics regulations or laws, according to a new report.

Apollo Glo爱上海 爱上海同城手机版bal Management and Citigroup respectively provided $184 million and $325 million in loans to Kushner and affiliates for real estate projects. The transactions raised questions after the New York Times reported that top executives for the lenders met with Jared Kushner in his capacity as White House aide prior to the loans being provided.

The Office of Government Ethics disclosed on Monday that it was investigating whether a regulation or law had been violated, Bloomberg reported. Executives from Apollo and Citigroup have爱上海同城手机版 新爱上海同城对对碰论坛 both denied discussing the loans with the president s son-in-law.

The White House counsel concluded there was were no issues involving Jared, Abbe Lowell, an attorney for Kushner, said in a statement. He was not involved with his former company after he entered government service; the transactions in question came after that; he had nothing to do with those transactions; the transactions had nothing to do with any of his meetings in the White House, and the people from the companies involved have confirmed that as well.

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Affordable Housing

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Long Island Cheat Sheet: Shrinking industrial inventory should push businesses to buy properties instead of rent, experts say more

Clockwise from top left: Anti-development Huntington supervisor faces test in vote on $80M project, Long Island to get $25.6M for 239 affordable housing units, Plainview industrial parts company wants tax breaks in $4.7M expansion and Taj Mahal of dog kennels in Aquebogue goes up for sale.

Shrinking industrial inventory should push businesses to buy properties instead of rent
The industrial market on the island reported a 3.1 percent vacancy rate in the first quarter, down slightly from a year ago, according to data from Newmark Knight Frank. Similarly, the office market saw a vacancy rate of 8.9 percent, up slightly from the year before, but lower than the 13.5 percent national average. That coupled with an influx of businesses moving to Long Island from New York City have created a tight market. “If you’re planning on doing something, you’ve got to be quick because in this market the buildings are staying on the market for a very short time,” Michael Freedberg, president of West Babylon-based Suffolk Industrial Properties told Newsday. [Newsday]

Long Island to get $25.6M for 239 affordable housing units
New York state officials awarded Long Island $25.6 million to build affordable housing units in Bay Shore, Port Jefferson Station, East Hampton and Southold. The money is from a fund that gives tax credits and low-interest financing to affordable hou[……]

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Amazon HQ2

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Newark to offer $1B in tax新爱上海同城对对碰论坛 上海同城对对碰交友社区 breaks to land Amazon s HQ2 Proposal is part of $7B package

From left: Broad Street in Newark, Ras Baraka, and Jeff Bezos (Credit: Wikipedia and Getty Images)

New Jersey is 阿爱上海同城 阿拉爱上海同城upping the ante in its bid to lure Amazon.com s second headquarters to the stat爱上海 爱上海同城手机版e s largest city.

Newark is considering offering as much as $1 billion in tax breaks to any company that creates 30,00爱上海同城对对碰 爱上海同城论坛0 jobs and invests $3 billion in the city over the next 20 years, Bloomberg reported. The proposal, which is expected to be voted on at Wednesday s City Council meeting, is part of the $7 billion package the state is offering in hopes of landing Amazon s $5 billion headquarters.

If approved, the new payroll tax exemptions in Newark would apply to other com上海龙凤论坛 新上海贵族宝贝论坛panies, even if Amazon doesn t ultimately choose the city.

Newark s offer is one of the largest known subsidy packages presented by cities trying to woo Amazon. The company has shortlisted 20 locations, including New York, Los Angeles, Denver, Miami, Boston and Toronto. Montgomery County, Maryland, has offered up a $6.5 billion package.

Amazon also shortlisted three cities in the Washington, D.C. metro area, leading some to speculate that the company is leaning toward setting up shop there. [Bloomberg] — Kathryn Brenzel

Tags: Amazon HQ2, Commercial Real Estate, Newark
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