Yuan Exchange Rate

The Yuan and the Dollar (Credit: Getty Images)

The Yuan fell to an eight-year low against the 阿拉爱上海同城 爱上海龙凤419桑拿dollar as currency outflows from China picked up in pace. The slide caused China’s foreign currency stockpil上海千花社区 上海千花网交友e to shrink to $3.05 trillion, down from a July 2014 peak of $4 trillion.

China has been battling currency outflows for more than a year, and wor新爱上海同城对对碰论坛 上海同城对对碰交友社区rie上海千花网论坛 上海千花网s over the country’s stability could lead Beijing to impose additional capital controls.

Containing capital outflows is the key to keeping China’s systematic risk in check, Royal Bank of Scotland economist Harrison Hu wrote in a note. Market turmoil one year earlier showed the strong feedback loop between capital flight and currency depreciation can destabilize China’s financial system and lead to escalating systemic risk.

In November alone, China’s foreign currency reserves fell by $69.1 billion the biggest decline since January. As of January 2017, Chinese savers will no longer face a $50,000 maximum in how much money they can legally get out of the country, which could accelerate outflows.

The Yuan is one of several currencies that have fallen sharply against the dollar since the U.S. election, as expectations of higher inflation and interest rates under a Trump administration suck capital into the U.S.

Earlier this week, The Real Deal broke down how the rising dollar impacts New York’s real estate market. [Bloomberg] Konrad Putzier 

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1200 Sixth Avenue

Boston-based TA Realty picks up
Diamond District building for $40M The building 1200 Sixth Avenue has 22K sf of air rights

1200 Sixth Avenue

Boston-based asset manager TA Realty bought a six-story build新爱上海同城对对碰论坛 上海同城对对碰交友社区ing at 1200 Sixth Avenue for $40 million, or $1,861 per square foot.

The building has 21,492 square feet, the New York Post reported, citing sources. It’s been owned by two families since 1984, and comes with 22,300 square feet of air rights, according to the newspaper. Darcy Stacom of CBRE marketed the building on be上海千花网 爱上海同城对对碰half of the sellers.

Tenants in the building include a Pret A Manger and jewelers, 新上海贵族宝贝论坛 上海贵族宝贝交流区and it is currently 70 percent leased.

This is the first time TA Realty has invested in the city. The company is owned by Rockefeller Group International, a subsidi阿拉爱上海同城 爱上海龙凤419桑拿ary of Mitsubishi Estate Company.

TA Realty has acquired, invested and managed more than $26 billion in real estate since 1982, according to the website. This month, the company sold a 45-asset portfolio to Brookfield Asset Management for $854.5爱上海同城手机版 新爱上海同城对对碰论坛 million. The assets are in Los Angeles, Dallas, Chicago and Washington D.C. and Miami-Dade.

In March, the firm bought a 145,800-square foot warehouse in the the Florida town of Davie for $22 million. [NYP] Miriam Hall

Tags: Commercial Real Estate, diamond district, rockefeller group
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NYC Construction Safety Bill

Council plans revised construction safety bill New draft would 上海龙凤论坛 新上海贵族宝贝论坛require 40 hours of training, down from 59 hours上海贵族宝贝 上海千花网龙凤论坛

Bill de Blasio and Gary LaBarbera

The City Council plans to introduce a revised construction safety bill this week that would require 40 hours of safety training, down from the previously suggested number of 59 hours.

If the Council 爱上海同城论坛 爱上海同城does indeed introduce the bill this week, it could be approved before Election Day in November, Politico reported. That would ease some of the criticism that the city’s construction unions have hurled toward Mayor Bill de Blasio for the better part of his first term.

But it would make the mayor no new friends in the real estate industry, with which he has enjoyed a relative peace that has served his administration’s policies, if not his political campaigning.

The Real Estate Board of New York has long opposed the mandated training component of the construction safety bill, and called the 59-hour figure arbitrary. The real estate industry sees the training requirement as a power grab by the city’s trade unions, which have the infrastructure set up to provide the training.

REBNY also says the training requirement will do little to protect the kinds of workers who suffer the most injuries on the job – immigrant and nonunion hard hats – who cannot afford to take time off to fulfill the training requirements.

Lawmakers on the Council had tried to rush the bill through, but couldn’t get one introduced on time to vote ahead of last week’s primary elections. Getting the bill passed before the November election is no given, though, as the bill has been delayed several times. [Politico] – Rich Bockmann

Tags: city council, construction a上海贵族宝贝论坛 上海贵族宝贝ccidents, labor unions
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Hamptons Real Estate News

Click here上海千花社区 上海千花网交友 to subscribe to The Real Deal s Hamptons Weekly Roundup

The Real Deal s Hamptons爱上海同城手机版 新爱上海同城对对碰论坛 Weekly Roundup covers everything you need to know about real estate on the E爱上海同城对对碰 爱上海同城论坛ast End, from major residential deals and commercial projects in the works to behind-the-scenes news on the 上海贵族宝贝 上海千花网龙凤论坛brokerage business. It s the爱上海同城论坛 爱上海同城 easiest way to stay on top of what s happening in the market week to week.

To receive the roundup each Wednesday, click here.

Email [email protected] to learn more about advertising opportunities.

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Land at San Francisco’s massive shipyard redevelopment may still be radioactive: report

Land at San Francisco’s massive shipyard redevelopment may still be radioactive: report

As city officials and developers work to build an entirely new neighborhood at the former Hunters Point Naval Shipyard in San Francisco, there上海千花网龙凤论坛 上海千花社区 is a chance that the EPA Superfund site is still contaminat新爱上海同城对对碰论坛 上海同城对对碰交友社区ed with radioactive pollution despite reviews by federal, state and local regulators, Curbed reports. A U.S. Navy review found that Tetra Tech, the contractor it hired to clean up the site for before its redevelopment, may have faked ne爱上海同城论坛 爱上海同城arly half of the $250-million-dollar work. Plans call for 12,000 housing units and millions of square feet of office and retail space to be built in the area. Developer FivePoint has already built about 300 units, which are not in 新上海贵族宝贝论坛 上海贵族宝贝交流区the affected areas. Officials said the work being done on the land does not po上海夜网论坛 上海夜网se a risk to public health. [Curbed]

Tags: National
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Lightstone Group

Lightstone s former creative director claims she was fired for being a single mom She s上海千花网 爱上海同城对对碰ays she was cut out of promised $1.5M equity

Moxy Times Square (inset: Audra Tuskes and Mitchell Hochberg)

The Lightstone Group s former creative director claims she was stigmatized and penalized by the company for being a single mother and was abruptly fired as p新上海贵族宝贝论坛 上海贵族宝贝交流区unishment for spending time with her young daughter during a holiday weekend.

Audra Tuskes, who was hired as Lightstone s creative director in 2015, filed a lawsuit against Lightstone and its president, Mitchell Hochberg, for allegedly discriminating against her for being a caregiver to her daughter, who is now 6. Tuskes accuses Hochberg of treating her like a lower level assistant — despite her title as vice president/creative director — and demanding that she be available to him 24/7.

She was repeatedly forced to cancel scheduled vacation time and make last-minute childcare arrangements, due to Hochberg s desire to have her nearby absent any actual, work-related need, according to the lawsuit.

Hochberg and representatives for Lightstone declined to comment. A response to the lawsuit on behalf of the company and its president was filed earlier this month in New York State Suprem爱上海同城手机版 新爱上海同城对对碰论坛e Court in Manhattan denying the allegations.

The lawsuit claims Hochberg s behavior stemmed from his avowed belief that women either needed to stay single at work, or fulfill their caretaker roles by remaining at home with the children while men went to work at Lightstone unburdened by their childcare respo新上海贵族宝贝论坛 上海贵族宝贝交流区nsibilities.

He allegedly acted inappropriately toward Tuskes in other ways, including leaning close to her during a company training session on sexual harassment and calling her sexy, according to the lawsuit.

Sam Israel, an attorney for Tuskes, said her employer didn t like the fact that she had another responsibility in her life aside from Lightstone, i.e. her daughter.

There s something called testosterone, he said. It s almost as though it became a challenge to her employers will or power.

Tuskes was tapped, among other things, to oversee the design of six Moxy-branded hotels for the developer. She didn t attend t上海贵族宝贝 上海千花网龙凤论坛he opening of the Moxy Times Square on September 21, 2017, to spend time with her daughter during the Rosh Hashanah holiday, according to the lawsuit. Tuskes states that she and other creative directors weren t usually expected at such events, and she d finished the bulk of her work on the project.

Still, Hochberg was allegedly unhappy about her absence and decided to terminate her position the Monday after the holiday weekend. She also claims that she was wrongfully denied $1.5 million in equity — $250,000 for each hotel — which she d been promised when she was hired. According to the lawsuit, she was told she divested that equity when she took a vacation day on a scheduled work day. Tuskes alleges that Lightstone never intended to abide by her contract and used her terminati[……]

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Marriott Vacations

Marriott Vacations raising $750M for acquisition of rival ILG Proceeds from the offering will pay for cash portion of $4.7 billion acquisition

Stephen Weisz and The Strand Hotel at 33 West 37th Street (Credit: Marriott Vacations Worldwide and Loving New York)

Marriott Vacations Worldwide, the timeshare and vacation homes arm of Marriott International, is raising $750 million to fund its acquisition of rival ILG.

In April, the two firms agreed to a $4.7 billion stock and cash deal that is expected to create the largest luxury timeshare company in the world. If the deal closes, the combined firms will operate seven brands serving 650,000 owners.

Marriott is offering $750 million worth of senior notes that mature in 2026. The firm intends to use the proceeds from the offering, along with the funds from a new $900 million credit facility, to pay for the cash portion of the acquisition. For each of their shares, ILG stockholders will receive $14.75 in cash and 0.16 of a share of Marriott Vacations stock.

In an earnings call on Monday, Marriott Vacations president and CEO Steve Weisz called the deal a “clear win” for the shareholders of both companies. The combined companies will have 110 locations with a projected total revenue of $4 billion.

Before agreeing to the acquisition, activist investors had been pushing Miami-based ILG to strike a deal with a rival. Investment adviser Front新爱上海同城对对碰论坛 上海同城对对碰交友社区Four Capital, which owns a two percent stake in the company, sent a letter to the ILG board in May of last year, warning that it will review its options if the board declined a Marriott bid.

Mariott, through its brands Marriott Vacation Club, Ritz-Carlton Destination Club and Grand Residences by Marriott, operates 65 resorts. Last Novembe爱上海同城对对碰 爱上海同城论坛r, it purchased the Strand Hotel at 33 West 37th Street for $158.5 million.

The shareholders of both companies are scheduled 新上海贵族宝贝论坛 上海贵族宝贝交流区to vote on the acquisition on Aug. 28. If the deal gains上海千花网龙凤论坛 上海千花社区 shareholder approval, it is expected to close on August 31.

Tags: Commercial Real Estate, Hotel Market, Marriott
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Regional Plan Association

Here’s how losing NYCHA units would impact the city’s housing market: RPA report It would be nearly impossible for tenants to find an affordable home in the city’s private market

A NYCHA building and RPA CEO Tom Wright

If New York City loses even just a third of its p爱上海龙凤419桑拿 上海龙凤论坛sh1fublic housing, it would displace more than 100,000 people, according to a new report from the Regional Plan Association. And it would be nearly impossible for most of these tenants to find an affordable home in the city’s private market.

Between 2011 and 2017, the price tag for addressing New York City Housing Authority’s physical needs went up from $32 billion to $45 billion, especially as it’s faced with pressing issues such as residents being exposed to lead paint and toxic mold.

The cost is growing by about $700 million per year. And making necessary repairs to the agency’s housing is now more ex爱上海同城论坛 爱上海同城pensive than fixing the city’s subway system, the report states.

“Everybody has a stake in fixing this problem,” said RPA CEO Tom Wright, “because we all rely on having this deeply affordable permanent housing as part of the economic ecosystem of New York City.”

If just 10 percent of the city’s public housing was lost, almost 40,000 people would need to find a new home, and if the city loses a third of it, 130,000 people would be displaced, according to the report, entitled “NYCHA’s Crisis: A Matter for All New Yorkers.”

A 10 percent decrease in NYCHA units would also lead to a 62 percent increase in the city’s homeless population and a $700 million increase in shelter costs, the report says. If former NYCHA residents move to other subsidized housing units in the city, they will require half of all new affordable units and $142 million annually in rent vouchers, drastically reducing the amount of affordable housing units available for other workers.

The RPA plans to release another report in the coming months with recommendations for how to help爱上海同城论坛 爱上海同城 improve the beleaguered agency.

NYCHA spokeswoman Jasmine Blake said the agency is reviewing the report and its co爱上海同城论坛 爱上海同城nclusions.

Wright said NYCHA developments are not as isolated from neighborhoods as people might think, pointing to amenities like senior center and pre-kindergarten centers that benefit the entire surrounding area.

“In terms of pre-k space, senior centers, NYCHA provides a lot,” he said, “and it doesn’t just provide it to the residents of that development. It really provides it to the whole neighborhood.”

Tags: NYCHA, regional plan association, Residential Real Estate
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Albert Behin

Albert Behin

Albert Behin, founder of BIG Investors, died Feb. 20 while vacationing with his family in Mexico. He was 43.

The cause of death was a heart attack.

“I’ve been working with him now for close to 10 years, and our life is definitely going to be different and harder,” said his brother David Behin, a broker at Newmark Knight Frank. “I love him, and I miss him.”

Behi阿拉爱上海同城 爱上海龙凤419桑拿n founded BIG Investors in 2011, and amassed a portfolio of multifamily buildings. These include 42-44 Meserole Street in Williamsburg, 361 Graham Avenue in Williamsburg and 657 Knickerbocker Avenue in Bushwick. Before starting BIG, had formed Mo爱上海龙凤419桑拿 上海龙凤论坛sh1frtgage Securities LLC, a fund that invested in nonperforming residential mortgages during the subprime crisis.

Born in New York City on Feb. 13, 1976, Behin had celebrated his 43rd birthday just a week before his death. He grew up in Tenafly, New Jersey and attended George Washington University and New York University, where 爱上海同城手机版 新爱上海同城对对碰论坛he received his master’s degree in real estate.爱上海同城手机版 新爱上海同城对对碰论坛

Matthew Steinberg, a broker at Compass, said he was always impressed by his kindness and trustworthiness, two qualities that can be rare in a cutthroat industry like real estate.

“I was using him as a新上海贵族宝贝论坛 上海贵族宝贝交流区n example of how I wanted to model my own career in both his success and the way he interacted with people,” Steinberg said.

Behin is survived by his wife Dalia and their two-year-old twin sons Zachary and Ethan, along with his parents Fereidoon and Parvin and his brothers David and Daniel.

The family is requesting donations to the Books For Kids Foundation.

Tags: obituary, Real Estate Finance
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