4 World Trade Center

High-frequency trading firm takes 69K sf at 4 WTC Hudson River Trading leaving current FiDi office at 32 Old Slip

High-frequency trading firm Hudson River Trading is taking 69,000 square feet of office space at Silverstein Properties 4 World Trade Center in the Financial District.

The company will occupy the 57th and 58th floors at the 72-story, 2.3 million-square-foot office tower starting next year.

Hudson River Tradi上海同城对对碰交友社区 上海夜网论坛ng’s spa上海夜网论坛 上海夜网ce comes with a 5,000-square-foot Outdoor Terrace located on a setback on 4 WTC’s 57th floor and invisible from the street, according to the New York Post. The terms of the deal and asking rents at the building were not disclosed.

The firm, which uses automated trading algorithms to carry out its high-frequency trading operations, will be leaving its current office at 32 Old Slip, also新爱上海同城对对碰论坛 上海同城对对碰交友社区 in the Financial District.

Hudson River Trading will join 爱上海龙凤419桑拿 上海龙凤论坛sh1fthe likes of software company MediaMath, which has 106,000 square feet at 4 World Trade Center, and sports cable network SNY, which occupies 83,000 square feet there.

The Port Authority of New York and New Jersey anchors the property, which houses the agency’s 650,000-square-foot headquarters新上海贵族宝贝论坛 上海贵族宝贝交流区.

Swiss insurance giant Zurich’s U.S. subsidiary is reportedly in negotiations to take around 70,000 square feet at 4 World Trade Center, as Crain’s reported earlier this month. [NYP] – Rey Mashayekhi

Tags: 4 World Trade Center, Office Leasing, silverstein properties, world trade center
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Stuart Siegel

The head of Engel & Völkers’ New York office on clandestine agent meetings, being plugged into the city’s Greek community and the importance of (low-fat) ice cream

Stuart Siegel (Photo by Larry Ford)

Stuart Siegel is CEO of residential brokerage Engel Völkers’ New York City operation, which launched in 2014 and now has 60 agents. The Hamburg, Germany-based firm, which has 716 offices spread across 32 countries worldwide, may be a new player in the city, but it clocked in with $126.6 million in listings in May on The Real Deal’s annual brokerage ranking, putting it in fourth place among Manhattan’s mid-sized residential firms. As of mid-September, the firm had $300 million in listings. The brokerage also notably represented the (unidentified) buyer in one of the priciest sales to close at 432 Park, a $59.1 million full-floor condo.

At 61, Siegel has had a storied career in the industry. The Upper East Side native studied art history at Kenyon College before going on to earn a graduate degree in architectural history from the University of Virginia’s School of Architecture. In 1981, he started working at Sotheby’s International Realty, where he served as president and CEO for 15 years starting in 1991. In that time, he led the $100 million sale of the real estate division in 2004 to Realogy Holdings, the parent company of brokerages such as the Corcoran Group and Citi Habitats.

5 a.m. I used to go to the gym in my building at 60th Street and West End  Avenue three or four days a week to cycle or do CrossFit. But I just had my shoulder replaced and I’m about to get my knee replaced, so physical therapy has become my gym routine. I sound like the Tin Man from “The Wizard of Oz.”

6 a.m. I make calls at home to the parent company in Germany, which is six hours ahead of New York. We discuss long-term strategic initiatives, and I also talk to the company’s founder, Christian Völkers. His company was the first affiliate that Sotheby’s ever had outside the U.S., so we’ve known each other since the early 1980s.

7 a.m. I digest the New York newspapers — the New York Times, the Wall Street Journal and the daily bible, the New York Post — as well as a German paper like Frankfurt上海同城对对碰交友社区 上海夜网论坛er Allgemeine Zeitung. I multitask between watching “Morning Joe,” eating steel-cut oatmeal with local honey, drinking two cups of coffee, doing the crossword puzzle and trying to be attentive to my wife [interior designer Addie Havemeyer], who is not a morning person. 

8 a.m. I leave my rental building — we sold our large duplex co-op on West End Avenue a fe上海千花网龙凤论坛 上海千花社区w years ago after our three children moved out. I then walk to my favorite shoeshine stand, Dino’s Shoe Repair on Broadway, at least three times a week. There, I find out about the latest pet peeve of the Greek New York community. I’ve always had an affinity for small businesses owned by Greek families.

9 a.m. I get into the office and sit down with our analyst and the head of marketing. We have a very infor[……]

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NYC Market Reports

The week in real estate market reports A weekly feature bringing you the industry’s latest intel

Manhattan rent爱上海 爱上海同城手机版al price changes (Credit: MNS)

According to this week s market reports, rental prices are down overall, average Manhattan condo prices hit $3.1 million in 2016, and NYC s hotel market is the second on Ten-X s sell list.

Residential

Novemb上海夜网 阿爱上海同城er rental markets | MNS
The average price of a ren爱上海同城论坛 爱上海同城tal unit declined in Manhattan and Brooklyn. Rents also fell slightly in Queens. Out of all Manhattan neighborhoods, prices rose the most year-over-year in Soho, ticking up 7.8 percent. Meanwhile, average rents fell by 7.8 percent in the Lower East Side, the most in the bor上海贵族宝贝论坛 上海贵族宝贝ough. Read the full reports on Manhattan, Brooklyn, and Queens.

Eviction analysis | Redfin report
Nationwide, 2.7 million renters faced eviction in 2015, according to an analysis of 6 million eviction records. With rents increasing at close to double the pace of income, one in four families spends more than 50 percent of their income on rent. Read the full report here.

Manhattan residential market 2016 | CityRealty
Average condo prices hit a record $3.1 million this year but are predicted to fall 6.5 percent in 2017. Read full year-in-review report here.

Commercial

US Hotel Market Outlook | Ten-X
New York City made the ‘sell market list at number two. Room inventory increased by 5 percent over the last year, and booth room rates and revenue per room declined. Read the full report here.

Tags: nyc market reports, Rental Market
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Chinese Buyers NYC

Chinese millennials increasingly use apps to buy homes abroad Buyers are motivated by a depreciating yuan and capital controls

Chinese millennials on their smartphones (Credit: Getty Images)

While millennials in the U.S. are often known as perennial renters, their counterparts in China are snapping up overseas homes on their smartphones.

Apps like Uoolu上海千花网交友 上海千花网论坛, which helps buyers open bank accounts and apply for mortgages in other countries, enable Chinese millennials to easily purchase foreign properties, the Wall Street Journal reported. These young buyers are driven by a weakening yuan and increasingly strict controls on the amount of capital permitted to leave the country. Families can sometimes get around these rules by pooling money and sending it separately into overseas bank accounts. “The more the government limits people, the more they want to invest上海贵族宝贝交流区 上海贵族宝贝论坛 overseas,” Wang Hao, Uoolu’s chief operating officer, told the Journal.

One New York City broker told the Journal that his client, an accountant in her 20s who works in New York, pooled together more than $100,000 from relatives in China to buy a condo in Manhattan.

Buyers a爱上海同城论坛 爱上海同城lso are often looking to purchase homes for their children to use when they study abroad. According to a recent survey by HSBC, 70 percent of Chinese millennials — those born between 1981 and 1998 — own their own home. In the U.S., tha上海千花网 爱上海同城对对碰t number drops to 31 percent. [WSJ] — Kathryn Brenzel 

Tags: chinese buyers, Residential Real Estate, Tech
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Single

Home sales increased by 12.7 percent in Connecticut from July 2016 to July 2017, according to 爱上海同城手机版 新爱上海同城对对碰论坛data from real estate and financial information firm the Warren Group. Statewide, 3,641 homes were sold this past July. The median price of single-family homes also increased about 2.7 percent: from $260,000 in July 20上海千花网论坛 上海千花网16 to $270,000 in July 2017. [FBJ]

Tags: Westchester Fairfield
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IDC NY

With billions of dollars on the line, NYC real estate lobby taps campaign war chest as it gears up for intense fight for the Senate

(Illustration by Yark Wazul)

Outside a late September fundraiser for Jesse Hamilton — the state senator from Crown Heights — a small group of protesters jeered as guests began trickling into the chic Noho cocktail lounge Sweetwater Social.

“No fake Democrats! Take the New York Senate back!” they shouted.

As Jeff Klein made his way to the entrance, the group booed the Bronx senator and leader of the Independent Democratic Conference, which maintains a controversial power-sharing agreement with GOP senators in Albany.

The conference’s eight members — along with rogue Democrat Sen. Simcha Felder — give Senate Republicans a majority and have recently come under fire from the progressive wing of the Democratic Party. Many have painted IDC members as self-interested collaborators who’ve handed control of the legislative agenda to the “Party of Trump.”

But for New York real estate, the IDC has been a godsend. Through multiple election cycles, Klein and his colleagues have fallen in line behind Republicans and served as a key insurance policy on key issues like rent stabilization and tax abatements.

“The pro-business majority in the state Senate, comprised of the Republicans, the IDC and Felder, are basically the firing wall” that’s protected the real estate industry’s interests, said Matthew Engel, president of both the Bronx firm Langsam Property Services and the landlord lobbying group the Community Housing Improvement Program, or CHIP.

But if that political coalition cracks in 2018, there will be major ramifications for New York City landlords and for the entire real estate industry.

In an effort to keep the coalition intact, the industry is gearing up early for 2018.

The Real Estate Board of New York, the industry’s leading trade association, doled out about $260,000 in contributions to Senate and Assembly candidates, as well as to other state campaign committees, in the first six months of this year. About one-third of that went to IDC candidates or to the conference itself. By comparison, REBNY spent just $110,000 in 2015’s first half — the last nonelection year.

And REBNY is not the only powerful real estate lobbying group stockpiling cash for the upcoming election. The Rent Stabilization Association — New York’s biggest landlord group and the state’s top lobbying spender in 2016 — is sitting on $2 million, which it’s planning to unleash next year. Developers such as Glenwood Management, the Parkoff Organization and the LeFrak Organization have been among the leading contributors to the RSA’s two political action committees so far this year.

“I think you’re going to see most real estate money trying to keep Democrats from taking control of the state Senate,” said Ken Fisher, a government relations and real estate a上海贵族宝贝交流区 上海贵族宝贝论坛ttorney at Cozen O’Connor, whose clients include SL Green Realty and Pinnacle Group.

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Newmark IPO

Ho爱上海龙凤419桑拿 上海龙凤论坛sh1fward Lutnick and Barry Gosin

Newmark Knight Frank’s blockbuster IPO in December is shaping up to be a disappointment. Blame bad timing and confusion over the company’s earnings.

Newmark, which was owned by Howard Lutnick’s BGC Partners, initially pl上海千花网龙凤论坛 上海千花社区anned to sell 30 million shares for $19 to $22. Instead it sold 20 million for $14 each in its Dec. 15 IPO on the Nasdaq stock exchange. As of Tuesday, the share price had risen slightly, to $15.47.

“It didn’t price as well as we thought,” Newmark’s CEO Barry Gosin told the Wall Street Journal. “We reduced it.”

Observers were puzzled ty the decision to go pu上海千花社区 上海千花网交友blic in mid-December, traditionally a bad time for IPO爱上海同城 爱上海s, the Journal reported. But Lutnick had made a commitment to go public in 2017, putting him under pressure. “Generally we like to do what we say we’re going to do,” Gosin said. Going public in 2017 also meant laxer disclosure requirements, because the firm’s revenues were still low enough to qualify as a so-called emerging growth company.

Investors also had a hard time comparing Newmark’s earnings to other real estate firms like CBRE or JLL because its offering prospectus didn’t use the standard GAAP measure.

BGC bought Newmark for $99 million in cash and shares in 2011. The R爱上海 爱上海同城手机版eal Deal broke down the potential implications of Newmark’s IPO for the industry in November. [WSJ] Konrad Putzier

Tags: barry gosin, bgc partners, howard lutnick, IPOs, Newmark Grubb Knight Frank, Real Estate Finance
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Seattle’s housing market continues setting records in 2018

The housing market in the Seattle area was hot in 2017, and January’s numbers show that 2018 mi上海贵族宝贝交流区 上海贵族宝贝论坛ght be even hotter. A report by the Northwest Multiple Listing Service found that single-family home prices in King County surged 20 percent in January versus the year before, and condo prices were up 23 percent against 2017. The median sale price in S爱上海同城手机版 新爱上海同城对对碰论坛eattle was $757,000, which beat out the high mark set last summer. What’s more, the Seattle Times notes, January has been the cheapest mo阿拉爱上海同城 爱上海龙凤419桑拿nth to buy a home in each of阿爱上海同城 阿拉爱上海同城 the last two years. [Seattle Times]

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George Stephanopoulos snags buyer for Southampton home

The former aide to President Clinton and his wife Ali Wentworth are in contract to sell their Southampton home. They relisted their home in January at $5.9 million上海千花网交友 上海千花网论坛 after they’d put it on the market a year before with no success in finding a buyer. The 4,381-square-foot home has six bedrooms, seven fu上海同城对对碰交友社区 上海夜网论坛ll bathrooms with one half bathroom and a ground阿拉爱上海同城 爱上海龙凤419桑拿-floor master suite with a private library. It also features a gym阿拉爱上海同城 爱上海龙凤419桑拿, pool, tennis court and a 1,000-bottle wine cellar. [Curbed]

Tags: Hamptons
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The Real Deal’s September issue is now available to our subscribers

The Real Deal s September issue is now available to our subscribers Early access to Compass deep dive, what the AG has in store for RE & more

The Real Deal s September issue

The Real Deal’s biggest issue of the year is live, and digital subscribers to阿拉爱上海同城 爱上海龙凤419桑拿 TRD are getting the first look at what’s inside.

Subscribers now have access to stori上海夜网 阿爱上海同城es including:

A deep dive into Compass, which just launched its commercial division
A behind-the-scenes look at the AG’s Real Estate Finance Bureau master plan
Most major real esta上海夜网论坛 上海夜网te is owned by LLCs. Does it matter?

Subscribe now to s上海贵族宝贝交流区 上海贵族宝贝论坛tay one step ahead of the NYC real estate game.

Please note that all readers have immediate access to our  cover story, Search and destroy: How CoStar became a $15B juggernaut.

Non-subscribers will get access to TRD’s magazine stories on Sept. 6.

Tags: compass, C上海贵族宝贝论坛 上海贵族宝贝ostar Group, LLCs
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