REAL ESTATE

NYU’s Paulson Center to Open – Multifamily Real Estate News

January 10, 2023 by Staff Reporter

NYU’s Paulson Center to Open – Multifamily Real Estate News

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The building will be the largest built by the University on its flagship campus.

Paulson Center rendering. Image courtesy of Davis Brody Bond and KieranTimberlake
Paulson Center rendering. Image courtesy of Davis Brody Bond and KieranTimberlake
Paulson Center rendering. Image courtesy of Davis Brody Bond and KieranTimberlake
Paulson Center rendering. Image courtesy of Davis Brody Bond and KieranTimberlake

New York University’s (NYU) Paulson Center is set to open to students, faculty and the public in the following couple of weeks. The 735,000-square-foot vertical campus, situated in Greenwich Village, N.Y., will feature housing for students and faculty across three residential towers.

The building is dedicated to alumnus John A. Paulson, following his $100 million donation to the university. Planned and developed over the last eight years, the academic building is the largest built by NYU at its Washington Square core.

With David Brody Bond and KieranTimberlake as architects, the Paulson Center features 407 spaces for student beds and 42 faculty units. Student housing floor plans include a mix of singles, doubles and triples with a shared bathroom and, in some units, a common space.

Carl Krebs, Partner at David Brody Bond, explained that the design for the student housing is intended to break the towers into smaller communities. This allows for a greater sense of community for students as well as contributes toward a positive learning environment and culture.

“The idea is that there is some sort of common space for the student’s sense of belonging among each other,” Krebs said during a tour of one of the first-year student dorm rooms.

Experts down the line largely agree that living in a space that fosters community is among the top needs of students in dorms. Other housing amenities that directly benefit the students in the Paulson Center include a sky lobby and café, study spaces, a green roof and a two-story student lounge.

Faculty housing, located in a separate tower, consists of two- and three-bedroom apartments. The homes include skyline views, in-unit washers and dryers as well as modern appliances. The faculty tower features a private entrance, community lounge with kids’ playroom, faculty lounge and outdoor terrace.

Paulson Center’s other features

The rest of the Paulson Center is open to all NYU students and faculty, and includes spaces separated into “neighborhoods”. These include a Commons area with a café for gathering, studying, events and public performances, a sky lobby, classrooms, study spaces, fitness facilities and theaters.

The fitness facilities in the Paulson Center will be the main fitness amenities for NYU. Included is a four-court gym, six-lane recreational pool, weight and cardio machines, squash courts and locker rooms. A gymnasium with a 2,000-person capacity is in the lower-level.

Home to the Tisch School of the Arts and Steinhardt School of Music, the Paulson Center has three theatres: The Iris Cantor Poscenium Theatre, the Warehouse Theatre and the African Grove Theatre. They range from 140 seats to 350 seats multipurposed for theatre, music and the performing arts. An ensemble rehearsal room and music and theater support spaces are also in the building.

Sustainably built with goals set by NYU’s Climate Action Plan, the building is anticipated to receive LEED Gold certification. Customized glass that minimizes solar gain and prevents bird collisions is utilized throughout the building, alongside energy efficient sources and green spaces.

Yardi Companies and Affiliates

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Grandbridge Sells Florida Luxury Senior Community for $81M – Multifamily Real Estate News

January 9, 2023 by Staff Reporter

Grandbridge Sells Florida Luxury Senior Community for $81M – Multifamily Real Estate News

The community is part of the Lely Resort master-planned development.

The Arlington at Naples. Image courtesy of Grandbridge Real Estate Capital

Grandbridge Real Estate Capital has completed the $81 million sale of The Arlington at Naples, a 298-unit continuing care luxury senior housing community located at 7900 Arlington Circle in Naples, Fla. to Life Care Services. At the time of the sale, the property was being managed under a forbearance agreement, and was traded through a court-directed process that facilitates the buyer’s ability to generate revenue. The deal was closed by the seller’s Senior Housing Investment Sales team.

The Arlington’s offerings

The Arlington at Naples was built on a 39-acre parcel of the Lely Resort master-planned community, which spans 3,000 acres and includes townhomes, condominiums and private estates. The Arlington at Naples offers 47 two- and three-bedroom single-family estate homes, as well as 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units.

The apartments are offered in one-, two-, and three-bedroom arrangements ranging from 854 to 2,082 square feet and feature master bedrooms and bathrooms, walk-in closets, and kitchens with stainless steel appliances and granite countertops. The townhomes, built in a Spanish revival style, also offer open floor plans, two-car garages and lanais.

Across the community, residents have access to a swimming pool, spa, fitness center, clubhouse, private cinema, cultural center and bar. Situated in the Lely Resort’s northeastern district along Lely Cultural Parkway, the community is seven miles away from downtown Naples and its beachfront, and is in close proximity to many of the area’s country clubs and numerous dining and retail offerings.

Grandbridge’s Housing Sales Investment team was led by Vice Presidents and Co-Leads David Kliewer and Jay Jordan.

Senior housing in The Sunshine State

With 20 percent of the state’s population above the age of 65, Florida retains one of the nation’s largest and most populous senior housing markets due, in part, to its warm climate and moderate costs of living according to data from seniorliving.org. The state is home to more than 850 independent living communities and 2,000 distinct assisted living facilities the same data shows.

Recently, Preservation Equity Fund Advisors’ acquired Crescent Club, a 215-unit affordable community in Orlando. In the same city, Dominium broke ground on Sandpiper Glen, a 288-unit development funded through Low-Income Housing Tax Credits.

Yardi Companies and Affiliates

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People: SF REIT Names Gan Ling to Its Board

January 8, 2023 by Staff Reporter

Top-level moves in Hong Kong lead this week’s collection of personnel changes in Asia’s real estate world, with a logistics REIT changing over non-executive directors, a fund manager making a promotion on its property team and a listed developer adding a new member to its board.

Hong Kong-listed SF REIT made a board-level switch just before the new year, with Gan Ling joining the trust manager’s top decision-making body as a non-executive director as of 31 December. Now 48, Gan serves as deputy general manager and board secretary of SF Holdings, the sponsor of SF REIT and has been with the firm since 2015. She is taking over the director role from Ng Wai Ting, who resigned to devote more time to her personal affairs, according to an announcement to the Hong Kong stock exchange.

Karen Yuen has been promoted to principal with the real estate division of KKR in Hong Kong, after just over a year and a half with the fund manager, according to a LinkedIn update. Yuen had first joined KKR as an associate with the real estate team in June of 2021 after more than two years as a vice president with the investment banking division of Deutsche Bank in Hong Kong. The University of Hong Kong graduate also has previous experience with BNP Paribas.

Datang Group Holdings announced to the Hong Kong exchange on 3 January that Lok Chiu Chan, 47, has been appointed to an independent, non-executive director position on its board with effect from that same day. Currently serving as managing director of ChuangLian Holdings’ RuiLian Financial Group unit, Lok is joining the board as Tam Chi Choi steps down after just over two years as an independent, non-executive director.

Wendy Chen has been promoted to vice president with Malaysia’s Khazanah Nasional Berhad, according to a LinkedIn update. Chen received her upgrade with the Kuala Lumpur-based institution this month after just less than two years with KNB, which she had joined as an assistant vice president with the private funds group of its investment division in April 2021. The London School of Economics graduate also has previous experience with Malaysia’s Employees Provident Fund (EPF).

Morrison Foerster announced this past week that Steven Tran has joined the firm as a partner in its private equity and mergers & acquisitions groups in Singapore. Tran’s hiring was announced on 3 January, with the firm citing his expertise advising clients on deals in real estate, consumer goods, technology and other sectors. Prior to joining Morrison Foerster, Tran had been a partner with Mayer Brown in Hong Kong.

JLL has promoted Chris KW Cheung to chief growth officer for its property and asset management division for China, effective from this month, according to a LinkedIn update. Based in Shanghai, Cheung is taking on his new role after more than four years as an executive director with JLL in Shanghai, where he had headed up the property and asset management team for East and Central China. Cheung has now been with the property consultancy for over seven years.

Knight Frank Malaysia said on 4 January that it has promoted Keith Ooi to group managing director starting from this month. The company pointed to the promotion as part of its succession plan, with Ooi, who has been with Knight Frank since 2007, having previously headed up the company’s Cambodia business before returning to Malaysia to lead the company’s valuation and advisory business. In 2021 he was named deputy group managing director of the Malaysia operation.

Sophie Watson-Swingewood has relocated to Jakarta to take on the role of assistant vice president director for Indonesia with Swire Properties. Watson-Swingewood made the move south of the equator after more than seven years with Swire’s real estate division, where she had served as senior manager with the development and valuations team in Hong Kong for just over a year. The University of Edinburgh graduate also has experience with Swire Resources.

If you know of other Asia real estate professionals changing their jobs, getting promoted or just doing something exciting, please contact us here at Mingtiandi.

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Real estate prices in Canada: What you can buy for $1.5M

January 7, 2023 by Staff Reporter

We dived into real estate listings to find out what we could buy elsewhere in Canada for the price of a “typical” New Westminster home. Spoiler alert: It’s a lot.

What can you get for the price of a “typical” home in New West — and what can you get for that money elsewhere in the country?

The value of a typical single-family home in New Westminster now sits at $1,543,000, according to the latest BC Assessment data — which leaves plenty of New Westminster homeowners contemplating what it means to be an on-paper millionaire.

Since we in the newsroom are always pondering the lifestyle to which we’d like to become accustomed, we thought we’d take a dive into real estate in some other similar-sized cities across Canada and see just what that $1.5 million could get us elsewhere.

Of course, we wouldn’t really move, because if we did, we’d have to take everything we love about New West with us, and that simply wouldn’t fit into a moving van.

But, if we were so inclined as to pool all our newsroom funds to pick up and relocate, here’s what we discovered we could get for the price of that $1.5-million “typical” home in seven other cities in Canada.

(Note that we chose the communities more or less at random from a list of Canadian cities in the the 70,000-to-80,000 population range, being sure to include some geographic variety.)

New Westminster

Well, we can’t leave before we find out just what we could get in our own backyard. So we found a nice offering in New West for just shy of $1.5 million: a 2,293-square-foot home in Glenbrooke North, with four bedrooms (two upstairs and two downstairs). It’s a quite charming, 91-year-old character home, and the location is great.

Listing: For Sale $1,498,000 | 203 SANDRINGHAM AVENUE, New Westminster, BC (zealty.ca)

Prince George

Having checked out our own backyard, we turned our sights north. In PG, we discovered that our $1.5 million can get us 78 acres of land, complete with a five-bedroom, 3,754-square-foot country home built in 1981, plus outbuildings. We’d even have a barn for future newsroom livestock.

Listing: For Sale $1,499,999 | 14295 CHIEF LAKE ROAD, Prince George, BC (zealty.ca)

Airdrie, Alta.

In Airdrie, Alta., our budget would get us this “luxury estate home” boasting more than 4,100 square feet of living space. It comes with plenty of upgrades and magazine-worthy fittings, including a chef’s kitchen, high-ceilinged bedrooms and a high-ceilinged basement that includes a rec room wired in for a projector setup and surround sound. There are five bedrooms and five bathrooms in all.

Listing: For sale: 1468 Coopers Landing SW, Airdrie, Alberta T4B4J4 – A2015749 | REALTOR.ca

Sarnia, Ont.

In this Southwestern Ontario community, our $1.5 million will get us a one-of-a-kind custom-built, 2,378-square-foot home, including a great room with cathedral ceiling, a “magazine-worthy” kitchen, a primary bedroom that’s described as a “retreat,” plus two other bedrooms and two bathrooms. (It will also put us within quick visiting distance of our assistant editor’s in-laws, which will come in very handy for obtaining excellent perogies for the next newsroom potluck.)

Listing: For sale: 1337 LAKESHORE ROAD, Sarnia, Ontario N7S2M2 – 22028185 | REALTOR.ca

Sault St. Marie, Ont.

Head to this Northern Ontario city, and our $1.5 million (actually, $1.449 million) will get us a one-of-a-kind custom-built, 3,450-square-foot home on the waterfront, complete with 100 feet of sandy beach and a plethora of features including vaulted ceilings, gas in-floor heating, kitchen with walk-in pantry/coffee bar, walk-in closets, four bedrooms and 3.5 bathrooms.

Listing: For sale: 741 Sunnyside Beach RD, Sault Ste. Marie, Ontario P6A5K6 – SM223063 | REALTOR.ca

Granby, Que.

We won’t even have to spend our whole $1.5 million for this $1.385-million property in Granby, which features a four-bedroom, 4,156-square-foot home built in 1982. We can’t promise we translated the French listing completely correctly, but regardless, it appears to offer charm and comfort by the buckletload.

Listing: For sale: 524 Rue Brunelle, Granby, Quebec J2G9C1 – 9740117 | REALTOR.ca

Saint John, N.B.

We discovered we really couldn’t spend our $1.5 million on real estate in St. John. We had to lower our price range considerably to come up with this $947,000 offering – the most expensive we could find in the city. Its listing extols the virtues of this rare penthouse in one of the city’s largest condo buildings: a custom-designed space with two primary suites at either end, connected by common spaces boasting all manner of high-end fittings.

Listing: For sale: 243 Prince William Street Unit# 702, Saint John, New Brunswick E2L0C6 – NB081682 | REALTOR.ca

But we were kind of stuck on a single-family home, so we decided we could just shell out about $600,000 on a four-bedroom, three-bathroom home on more than three acres of private waterfront property. We thought we’d enjoy the vaulted ceilings, skylights, open concept kitchen-dining area, etc. etc. Plus, we’d still have $900,000 left.

Wait: Maybe we could buy both?

Listing: For sale: 10 Dalton Court, Saint John, New Brunswick E2M6C6 – NB082496 | REALTOR.ca

Moncton, N.B.

For shy of $1.4 million, we discovered that we can lay claim to this luxury five-bedroom, 3,476-square-foot home that boasts the usual array of features you’d expect in something described as “luxury”: a “chef’s dream kitchen,” a high-ceilinged living room, a sunroom with a view, giant master bedroom with ensuite … and so it goes.

Listing: For sale: 155 Boundary DR, Moncton, New Brunswick E1G5C6 – M147114 | REALTOR.ca

Of course, we know that there’s a lot more to a home than just a price tag, which is why you’re not likely to find us actually bidding on any of the above listings.

But for those sitting on paper fortunes who are in the mood to relocate? Well, it looks like your options are plentiful.

Follow Julie MacLellan on Twitter @juliemaclellan.
Email Julie, jmaclellan@newwestrecord.ca

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Avis Budget Group Relocates Headquarters to New Parsippany Location

January 6, 2023 by Staff Reporter

Avis Budget Group, one of the country’s largest car rental agency holding companies, is relocating its headquarters to a new 155,234-square-foot office at Rubenstein Partners and Vision Real Estate Partners’ LATITUDE, a 35-acre, two-building campus in Parsippany, NJ. The company formerly occupied a single-tenant property elsewhere in Parsippany.

“We’re pleased to welcome Avis Budget Group to their new headquarters at LATITUDE,” said Stephen Card, director of acquisitions at Rubenstein. “We set out to create a modern suburban office product that attracts the highest quality corporate users, and with recent transactions this year with Avis and Gilead Sciences, we continue to execute that business plan.”

He added, “The trend of large corporate tenants making long-term commitments in quality product is happening across our portfolio.”

Avis Budget Group was represented by Jon Meisel and Joseph Sarno of CBRE. Rubenstein and Vision were represented by David Simson and Jaime Drummond of Newmark.

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China May Ease ‘Three Red Lines’ Property Rules in Big Shift

January 5, 2023 by Staff Reporter

(Bloomberg) — China is planning to relax restrictions on developer borrowing, dialing back the stringent “three red lines” policy that exacerbated one of the biggest real estate meltdowns in the country’s history.

AZ Big Media Arizona condo prices fall faster than single-family homes

January 4, 2023 by Staff Reporter

Record-low mortgage rates, remote work and the need for more space fueled the pandemic’s housing boom. But now, record-high rates and inflation — coupled with historic-high prices and market volatility — are all forcing a real cool down in America’s largest housing markets, including Metro Phoenix, where Arizona condo prices are falling faster than the prices of single-family homes.

As home prices began to fall, an interesting pattern emerged: Nationwide, condo prices contracted at a much slower rate than single family home prices, showing that the condo market holds up better in the face of the price correction process. However, the exact opposite can be noticed in Arizona where condos recorded bigger price drops compared to single family homes.

READ ALSO: 3 best Metro Phoenix neighborhoods to own a condo

READ ALSO: Tucson ranks No. 4 among best cities for Gen Zers

READ ALSO: Arizona No. 2 for largest house price appreciation

Below you have some of the findings from our study:

• Nationwide, condo prices decreased in 65 of the 100 largest U.S. cities, while single family home prices fell in 88 markets.

• Arizona goes against the grain: In the state’s 7 largest cities, both condo and home prices fell compared to their May peaks, showing that demand and purchasing power took a hit;

• Single family home prices decreased in all of Arizona’s large cities. Chandler and Gilbert lead the way with a decline of -12% in just a few months, followed by Phoenix with a -10% drop;

• Likewise, in Mesa, Scottsdale, Glendale, and Tucson, houses prices contracted between -5% and -8% compared to their spring peaks;

• Condo prices decreased even more in Arizona’s large cities, with Glendale recording the biggest price drop (21%), followed by Mesa (15%) and Chandler (11%).

Check out the full report here: https://www.point2homes.com/news/us-real-estate-news/condo-prices-hold-up-better-than-single-family-homes.html

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BK Modi Group plans to invest USD 1 billion over next 5 years in real estate, wellness sectors in India

January 3, 2023 by Staff Reporter

BK Modi Group plans to invest about USD 1 billion over the next five years in Indian real estate and wellness space as it sees huge growth potential in these two sectors.

In an interview with PTI, group founder B K Modi asserted that there is a tremendous scope of bringing new technologies in the real estate sector as well as wellness space.

“We will be investing around USD 1 billion over the next five years,” he said when asked about the proposed investment in these new ventures.

On source of investment, he said the group will also rope in foreign investors in the proposed projects.

The group is already constructing a commercial real estate project in Mumbai in partnership with a developer and now has plans to expand this business.

On the concept of private smart city, Modi said the group will develop a mixed use project in Rampur, Uttar Pradesh.

It already has a piece of land for this project where it will construct housing, mall, hospital and office space.

“Whatever is the need of a human life, is provided within a walking distance — this will be our objective,” Modi said.

The group will also be setting up manufacturing units producing AAC blocks and panels, pre-fabricated steel structures and glass processing units as it wants to cut down on the time required to complete the project by using latest global technologies.

He expressed concern over the time taken to construct high rise buildings.

The project in New Delhi is proposed to be developed as a wellness city with medical office buildings, residencies, service apartments, rehab centre, a quaternary care hospital, and senior care facilities.

In the wellness space, these investments will manifest as brownfield developments in preventive care centres in India and across the globe.

In 2015-16, the BK Modi Group had sold the erstwhile Saket City Hospital in the national capital to Max Healthcare.

Modi Holding Chairman Finance Committee, G P Singh said, “Across the projects in Delhi, Mumbai and Rampur, the group is proposing to develop approximately 3.5 million square feet of space at a cumulative initial cost of approximately Rs 6,000 crore in phase 1, these will be driven by new technologies that can revolutionise each sector.”

Modi, who now holds a Singaporean passport, said it was his passion for new technologies that drove him to bring several new technologies such as the first mobile cellular service and first photocopier to India.

Smart Bharat Group Chairman Preeti Malhotra pointed out while Modi has a knack of investing in sunrise industries that is sharpened by his experiences has as an OCI (Overseas Citizen of India), “for investment in such sectors to grow, it is imperative that the right environment must be created”.

There needs to be positive, investment-friendly changes in laws related to land, construction laws and tax, which can create an enabling environment for investors.

The group has diversified interests in mobility, finance, healthcare, entertainment, realty and technology sectors.

In the preventive healthcare space, the group has recently partnered with American healthcare company Fountain Life.

Click Here For Latest Updates On Stock Market | Zee Business Live

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Indian Bank hikes lending rates by up to 25 bps, Real Estate News, ET RealEstate

January 2, 2023 by Staff Reporter

NEW DELHI:State-owned Indian Bank on Monday increased lending rates, including the marginal cost of funds-based lending rates (MCLR), by up to 25 basis points. The new rates are effective from January 3, Indian Bank said in a regulatory filing.

The Asset Liability Management Committee (ALCO) of the bank has reviewed the Marginal Cost of funds based Lending Rate (MCLR), Treasury Bills Linked Lending Rates (TBLR), Base Rate and Benchmark Prime Lending Rate (BPLR) and decided for an upward revision in MCLR, TBLR, Base Rate and BPLR across various tenors, it noted.

The one-year rate is used to fix most consumer loans, such as auto, personal and home loans.

The overnight MCLR rate has been revised upward by 25 basis points to 7.75 per cent, while that of one month to six months tenure hiked by 20 basis points, the bank said.

For one-year maturity, it said the new rate will be increased to 8.30 per cent against 8.20 per cent.

Besides, the lender also revised the treasury bills benchmark lending rate (TBLR) in the range of 6.40 per cent to 6.85 per cent for various tenors.

The base rate has been revised upward by 25 basis points to 9.10 per cent while Benchmark Prime Lending Rate to 13.35 per cent.

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Wow House: Historic Farm Dates Back To 1700s

January 1, 2023 by Staff Reporter

HATBORO-HORSHAM, PA —Go back in time yet live in modern times with this upgraded and updated farmhouse on Pennypack Road.

Historic Tall Timbers Farm is a very special, one-of-a-kind property! Situated on 2.7 acres of professionally landscaped grounds, the stone Farmhouse, circa 1783, has been tastefully upgraded and expanded over the years, while still maintaining its authenticity.

As you enter the lovingly maintained main house, the architectural detail is immediately evident. The traditional living room with wonderful hardwood floors, features a wood burning fireplace, deep window sills, and exposed wood beams.

A gracious formal dining room leads to the eat-in kitchen. The library with the warmth of a fireplace and family room, are perfect for time with family or friends. Completing this level are a convenient laundry/mudroom and powder room.

Five ample sized bedrooms, including primary suite, den and three full baths, are situated on the upper levels. The 19th century stone barn offers 5 stalls with exterior doors, tack room, hay lofts and separate electricity.

Attached to the barn, is a 3 car garage with plentiful storage and a bright, full height loft, great for an office or rec room. An additional detached garage, with electricity and built-in shelving, provides space for parking and storage.

The original milk house, with newer roof and electric, could be used as a storage shed or workshop. Fabulous grounds are highlighted by a custom built, screened in gazebo, with Trex floor, ceiling fan and newer roof, situated on a large brick patio. Modern upgrades include 2 zoned central air conditioning, 200 amp electrical service, updated in 2022, and a whole house Generac generator. Too many wonderful details to note. A must see!

Listed by: Henry Jacquelin, Quinn & Wilson, Inc.

For more information click here. See more photos of the listing below, courtesy of Quinn & Wilson, Inc.:

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Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc. Listed by: Henry Jacquelin, Quinn & Wilson, Inc.
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