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Renderings of Empire State Building-sized tower at Subway Inn site released The renderings point to what may be to come at the UES assemblage
Archilier Architects has published renderings of a pencil-thin skyscraper the size of the Empire 爱上海 
State Building at the former Subway Inn site. And they could very well be working images of the planned project.
First spotted by 6sqft, Archilier Architects, the firm behind the “Hudson Rise” mixed-use skyscraper being developed by Kuafu Properties on Manhattan’s west side, has released images that point to what may be in store for the assemblage at 143-161 East 60th Street between Lexington and Third Avenues.
As The Real Deal previous reported, Kuafu purchased the 28,619-square-foot, six-building site for $300 mi爱上海龙凤419桑拿 
llion form阿爱上海同城 
World Wide Group last year.
The renderings show a thin tower rising爱上海同城手机版 
1,240 feet high with an area of 411,700 gross square feet. That’s just 10 feet shorter than the Empire Sta爱上海同城手机版 
te Building’s height and just one-fifth of the floor space.
If built, the tower would become the tallest building on the Upper East Side. [6sqft] Christopher Cameron
Tags: Kuafu Properties
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New York, rejoice: Money continues to flee China August marked 24th consecutive month of net capital outflows
The Yuan bill and the New York City skyline
Money continues to flood out of China, which should be good news for New York’s real estate market.
August was the 24th straight month of net capital outflows from China, with $51 billion leaving th上海千花网交友 
e country after accounting for capital inflows, the Wall Street Journal reported. The pace has slowed a bit from its peak in December and January, when more than net $140 mil新爱上海同城对对碰论坛 
lion left the country each month.
Year-to-date, net capital outflows from China total more than $400 million, driving down the Yuan 3 percent against the Dollar. Meanwhile, China’s foreign currency reserves fell by $190 billion this year.
Many savers appear to believe that the Yuan will continue to fall in value, according to the Journal, which gives them an incentive to convert their wealth into dollars.
Chinese savers looking to get their money out of the country have been a staple o上海千花网龙凤论坛 
f New York’s residential real estate market, helping drive up luxury apartment prices to record上海千花网龙凤论坛 
levels. This year the high-end market has slowed a little, so it should be welcome news for developers and brokers that Chinese buyers don’t appear to be going anywhere.
The Real Deal reported on Monday that that Chinese institutional investors such as Kuafu Properties and SMI USA are increasingly taking on luxury ground-up developments in Manhattan. [WSJ] Konrad Putzier
Tags: chinese buyers, Chinese Developers, Foreign Investment
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e to our Privacy Policy.
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The week in real estate market reports A weekly feature bringing you the industry’s lates上海千花网 
t intel
Credit: CoreLogic
The week s market reports looked back at 2016, which Avison Young called a hangover year. Median rental prices dropped in Manhattan, Brooklyn, and Queens, as did median sales price in Manhattan. Investment sales dollar volume in Manhattan dropped a whopping 38 percent to 38.9 billion, but leasing volume remained stable. Nationally, CMBS issuance dropped 30 percent and t爱上海同城对对碰 
he foreclosure rate dropped to a 10-year low.
Residential
Manhattan sales: Douglas Elliman
For co-ops and condos, median price was down 8.7 percent relative to 2015, to $1.05 million, luxury supply declined as did resale inventory, but new development inventory pushed the median price up 9 percent. Read the full report here.
Manhattan, Brooklyn and Queens rentals: Douglas Elliman
Rental prices decreased in all boroughs; 0.3 percent in Manhattan, 1.3 percent in Brooklyn, and 6.6 percent in northwestern Queens. Read the full report here.
FiDi report: Platinum
In the Financial District, the average price per unit hit $1.2 million, an increase of 4.8 percent, one-bedrooms accounted for 42 p上海龙凤论坛 
ercent of sales, and sales volume was down 17.2 percent compared to 2015. Read the full report here.
Improving access to affordable housing: NYC HPD and DCA
In New York City, 56 percent of renters pay more than 30 percent of their pre-tax income, and a third pay more than half, and vacancy rents are at “emergency” levels, defined as below 5 percent. Read the full report here.
Residential foreclosure 上海千花社区 
report: CoreLogic
Approximately 325,000 homes in the U.S. were in foreclosure as of November 2016, a 30 percent decline compared to November 2015. The foreclosure rate of 0.8 percent is back to June 2007 levels. Read the full report here.
Foreclosure report: RealtyTrac
Foreclosure rate fell to a 10-year low nationally. New York County had one of the highest rates of legacy foreclosures, with 74 percent of foreclosures originating in mortgages made in 2006 to 2008. Read the full report here.
Commercial
Source: CBRE
Office leasing and investment sales: Avison Young
In office leasing, total volume in 2016 declined slightly to 28 million square feet, vacancy rate remained flat at 10.2 percent, and rent grew 9 percent. Investment sales in Manhattan declined 38 percent to $38.9 billion after 2015’s astronomical $63 billion. Read the full report here.
State of CRE markets: Commercial Real Es上海同城对对碰交友社区 
tate Direct
Issuance of Commercial Mortgage Backed Securities in 2016 declined by 30 percent in 2016 to $68.3 billion, in the first decline since 2009. Read the full report here.
U.S. Market Outlook 2017: CBRE
Office rents are projected to grow 1.5 percent in 2017, and retail rents to grow 1.7 percent. Read the full report here.
Economic impact: REBNY
The $20.4 billion in taxes generated be the real estate industry make up 43 percent of total New York City taxes collected. Owner occupied properti[……]
Landlord Daniel Melamed found guilty of illegally evicting tenants Crown Heights owner faces up to 1 year in jail at sentencing
From left: AG Eric Schneiderman, Daniel Melamed and 1578 Union Street in Brooklyn
UPDATED, June 22, 2:08 p.m.: Another multifamily landlord is facing potential jail time as authorities ramp up 爱上海同城论坛 
their investigations and prosecutions of tenant-harassment cases.
Crown Heights landlord Daniel Melamed was found guilty Tuesday on three counts of illegally evicting tenants from the 14-unit multifamily building he owns at 1578 Union Street, New York S阿爱上海同城 
tate Attorney General Eric Schneiderman announced. The landlord was acquitted of the top charge a felony relating to allegedly filing a false work plan with the city Department of Buildings and a misdemeanor charge of endangering the welfare of a child.
The illegal conviction misdemeanor charge carries a sentence of up to one year in jail. Brooklyn Supreme Court Justice Danny Chun will make the decision on the final sentence at a hearing scheduled for September.
Melamed’s attorney could not be immediately reached for comment.
The jury verdict comes two weeks after landlord Steven Croman pleaded guilty in A Manhattan Criminal Court room to larceny and fraud charges. Schneiderman s office brought that case against the landlord following an investigation into alleged tenant harassment. Croman agreed to serve a year in jail and pay爱上海同城对对碰 
$5 million in fines on the fraud and larceny charges. Authorities plan to appoint a receiver for each of Croman’s companies and also revoke his brokerage license. A civil case addressing the tenant-harassment claims is still ongoing.
Melamed bought the Union Street property in 2012 for $1.6 million, property records show. Almost immediately after, he started cutting off the heat and performing illegal construction work in order to drive out rent-stabilized tenants, according to the AG’s office.
Schneiderman s office arrested the landlord in 2015 on charges he illegally evicted tenants and endangered their safety, including a 6-year-old child.
“Daniel Melamed intentionally endangered rent-stabilized tenants in 上海千花社区 
order to push them out – and line his own pockets,” Schneiderman said in a statement. “We won’t hesitate to bring the full force of the law against anyone who harasses, intimidates, and jeopardizes the health and safety of tenants.”
Schneiderman and the city’s district attorneys are increasingly bringing harassment cases against landlords as tenants and their advocates claim they face a new wave of illegal tactics from owners looking to decontrol regulated units.
At the same time, authorities are pushing for tougher laws. Both the Schneiderman and the City Council have proposed legislation that would strengthen protections for tenants.
Many of the recent cases came as the result of the state Tenant Protection Unit Gov. Andrew Cuomo created in 2012. Last week, a state court shot down a legal challenge the landlord group Rent Stabilizati[……]
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