Donald Trump Worth

Forbes believes 28 of Trump s assets lost $800M in value since last year Publication claims Trump Tower and 40 Wall combined to lose $187M

Donald Trump

Donald Trump s net worth reportedly checks in at $3.7 billion — $800 million less than the value of his fortune las上海千花网论坛 上海千花网t year, according to Forbes.

Forbes claims that 28 of the presidential nominee s assets have declined in value in the last year. If you believe the publication, 40 Wall Street, for example, declined $28 million in value. Trump Tower, according to Forbes, is now worth $159 million less than it was last year, having a net value of $371 million. Forbes says Trump Tower has declined due to an estimated 20 percent drop in net operating income and an 8 percent decline in the slowing commercial real estate market.

Trump also gave $7 million of his own money to his campaign and loaned another $48 million to it, which Forbes doesn t think he ll recover.

Forbes methodology for this investigation was not made clear. If the value drops are based on city property assessments, it should be noted that these figures don t necessarily — and often don t — reflect true market value. Beyond that, property values for trophy buildings 爱上海 爱上海同城手机版in Manhattan are increasing in value, not decreasing.

Trump s fortune has been a subject of controversy for several years — and a mystery exacerbated by the candidate s continued refusal to release his tax returns. During Monday’s debate, Trump said his portfolio of properties was valued at $3.9 billion and that he made $694 million in income爱上海同城手机版 新爱上海同城对对碰论坛 last year. Forbes says that s not quite true, claiming he mixed income and revenue. He also noted that he s been audited by the IRS every year for the past 15 years — not that he s complaining. Earlier this year, Bloomberg pegged his worth at $2.9 billion.

In 2013, The Real Deal took a deep dive into the value of Trump s assets. [Forbes] 爱上海同城对对碰 爱上海同城论坛— Kathryn Brenzel

Tags: 40 wall street, Donald Trump, trump tower
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Les Moonves

CBS Les Moonves and son scope out $2.2M East Village pad The 1,900 sf co-op is asking $1,157 psf

Les Moonves and 59 Fourth Avenue (Credit: Getty Images)

CBS chief Les Moonves took a break from fielding questions about the future of CBS, Viacom and Sony to check out a $2.2 million co-op in the East Village.

T上海千花网 爱上海同城对对碰he media mogul reportedly toured a two-bedroom pad at 59 Fourth Avenue with his son, Adam, a co-owner of the trendy bar Mr. Fong s in Chinatown, according to the New York Post.

The 1,900-square-foot apartment is asking $1,157 per square foot and comes with a $2,240 per month maintenance fee. With 13-foot barrel-vaulted ceilings and exposed white-brick walls, it s located on the second floor of an eight-st上海龙凤论坛 新上海贵族宝贝论坛ory, 15-unit building that was formerly a factory. The 上海千花网龙凤论坛 上海千花社区unit has poured-concrete floors and a chef s kitchen.

The prior owner paid $1.445 million f上海贵族宝贝交流区 上海贵族宝贝论坛or the pad in 2011, property records show. It s been on and off the market since 2014, when it was priced at $2.75 million. The last price chop was earlier this month.

Cit上海夜网论坛 上海夜网i Habitats Andrew Moore has the listing. [NYP] E.B. Solomont

Tags: celebrity real estate
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Steven Roth

Steven Roth has been Vornado’s overlord for more than 35 years — but some are wondering if the aging CEO has a succession plan in place

Vornado s Steven Roth and One Penn Plaza

“Don’t be jerky,” Steven Roth told Gary Barnett. “It’s not even close.”

Sitting among other industry titans at Bloomberg LP’s headquarters last spring, Roth was in full troll mode. Barnett had dared to suggest that One57, his cathedral for the 0.1 percent, was better than Roth’s luxury condo tower in the works at 220 Central Park South. And when Jeff Blau spoke about the upcoming condos at Hudson Yards, Roth quipped that his firm, the Related Companies, was “selling to the suckers.” Of his lender at 220 CPS, the Vornado Realty Trust chairman and CEO said: “I’m in the suck-up business to the Bank of China.”

The chiefs of public companies tend to be careful to a fault about what they say in public. Not Roth, who is one of the last in a line of brash hustlers running blue-chip real estate investment trusts — very much in the vein of Sam Zell, whom he’s referred to as a “bald-headed chicken fucker.” At the same time, Roth has shown remarkable patience in turning Vornado, once a developer of New Jersey industrial properties and strip malls, into the $40 billion behemoth, with more than 30 million square feet of New York City holdings, it is today.

Vornado is now one of the largest owners of commercial property in Manhattan. And there is near-universal acclaim within the industry for the way that Roth has managed the company since Michael Fascitelli — his golden boy and former heir apparent — stepped down as CEO in 2013. The REIT made good on its promise to simplify its portfolio, shedding some of its troublesome fringe investments and doubling down on its prime New York retail holdings.

Vornado’s discipline has given it a fortified balance sheet that now allows it to make transformative bets, including the repositioning of 8 million square feet of office space in Penn Plaza, the $1.6 billion redevelopment of Moynihan Station and 220 CPS, the luxury market’s new prom queen.

A rendering of 220 Central Park South in Midtown (credit: Vornado)

Roth has championed the bulk of those initiatives, and his power at the company is absolute.

“He runs his company as if he owned it all, and his shareholders benefit from that,” Richard LeFrak, CEO of the LeFrak Organization and a close friend of Roth’s, told The Real Deal.

But the Vornado chief, who is now pushing 75, has yet to announce a clear successor — a glaring lack of transparency for a public company with an aging CEO. This makes some Vornado shareholders nervous about the REIT’s fate when he finally calls it quits. Will he leave a void that’s impossible to fill?

“It’s akin to the Grateful Dead,” said Alexander Goldfarb, an analyst at investment bank Sandler O’Neill. “No one wants to see the warm-up band.”

What makes the succession issue particularly grating for the REIT’s shareholders is that the many of Vornado’s biggest competitors appear to[……]

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HNA Group

HNA Group files defamation suit against exiled Chinese real estate mogul Company claims Guo Wengui lied about Communist Party official’s ties

HNA’s Chen Feng and Guo Wengui

HNA Group filed a defamation lawsuit in New York against a self-exiled Chinese real estate mogul who claimed that a high-ranking official in the country’s Communist Party has ties to the company.

HNA’s lawsuit says Guo Wengui made “repeatedl上海贵族宝贝论坛 上海贵族宝贝y false and defamatory statements,” including a claim that Yao Qing, a nephew of Wang Qishan, the Communist Party’s top anti-corruption official and close supporter of Chinese President Xi Jinpin, is one of HNA’s shareholders, the Wall Street Journal reported.

The case is in New York because Guo, who also uses the name Miles Kwok, lives and runs a business in Manhattan.

HNA said the comments caused the company to lose business and suffer a drop in share prices, but Guo said he welcomes a legal spat with giant Chinese conglomerate in the Uni上海千花网交友 上海千花网论坛ted States.

“It will be a wonderful thing to have a legal battle with HNA Group here,” Guo wrote in a Twitter message to the Journal. “I hope that the U.S. legal system would give us a fair ruling regarding issues including [HNA’s] business in New York.”

HNA is seeking at least $300 million damages and a court ruling that the statements were false and defamatory. Disclosures earlier this year about a New York-based c阿爱上海同城 阿拉爱上海同城harity that owns a majority of the company’s shares have raised some eyebrows regarding its ownership structure.

Guo, meanwhile, is in the cross h上海夜网 阿爱上海同城airs of the Chinese government, which has described him as a “criminal suspect” and 上海千花网龙凤论坛 上海千花社区asked Interpol to issue a notice for his arrest. Chinese prosecutors put three executives from his company on trial for fraud in June. [WSJ] – Rich Bockmann

Tags: Commercial Real Estate, HNA Group
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Developers top off Yonkers 55

Ginsburg Development and Yonkers city officials celebrated the end of construction at a new 55-unit luxury apartment complex爱上海同城 爱上海 at 1177 Warburton Avenue. The three-story building, dubbed [email protected], will feature one, two and three-bedrooms a上海龙凤论坛sh1f 上海龙凤论坛partments with rents ranging from $2,150 to $3,995. The building is新爱上海同城对对碰论坛 上海同城对对碰交友社区 scheduled to open May 1. Another n爱上海同城论坛 爱上海同城earby Ginsburg property, the 330-unit River Tides at Greystone, recently opened its doors to renters. [Yonkers Daily Voice]

Tags: Westchester Fairfield
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Title Insurance

Stay of execution: State delays title regs two days after launch Rules on marketing expenses delayed ’til Feb.1

The state delayed regulations that would have cracked down on marketing in the title insurance industry (Photo illustration by Lexi Pilgrim for The Real Deal)

Time to dust off those VIP seats i上海同城对对碰交友社区 上海夜网论坛n the arena. Less than two days after enacting what title insurance players said were repressive rules against excessive marketing, state regulators agreed to delay implementation until 爱上海同城手机版 新爱上海同城对对碰论坛Feb. 1.

The change in heart comes after heavy lobbying from the industry and some elected officials, who argued that the rules, which kicked in Dec. 18, would destabilize the industry and hurt smaller businesses.

Given the important consumer protections and impact of the necessary re爱上海同城对对碰 爱上海同城论坛forms of the title insurance industry DFS recognizes that a longer implementation period may be necessary to ensure full compliance, the agency said in a statement posted on its website Tuesday.

The stay applies to a specific part of the new regulations that banned title companies from treating clients to meals, tickets, entertainment or gifts (including donations to charitable organizations).

The decision amounts to what at the very least is a stay of execution for title companies, and is a win for the New York State Land Title Association, the industry trade group, which opposed the regulations.

As we have said, we understand and appreciate what DFS is trying to do but it appears that these re爱上海 爱上海同城手机版gulations will only hurt New Yorkers, not help them, said Bob Treuber, NYSLTA s executive vice president.

DFS superintendent Maria Vullo said in a statement to The Real Deal that the agency agreed to delay a part of the regulation a mere six weeks after receiving letters from a number of legislators urging her to do so, and after learning that the New York State Assembly 上海千花网龙凤论坛 上海千花社区may convene a hearing on title insurance in mid-January.

I look forward to testifying at any hearing the Legislature may hold, Vullo said, to discuss the important protections the regulations provide homebuyers and shining a light on the industry s history of inappropriate, and in some cases, illegal conduct that has resulted in decades of inflated title insurance rates.

Over the past week and a half, six elected officials — including State Sen. Marty Golden of Brooklyn — urged Vullo to postpone the regulations for six months. In Golden’s letter, dated Dec. 13, he warned that the regulation would have a “series of unintended consequences resulting in higher costs for consumers, while creating havoc in the real estate market. Others who wrote in to Vullo included State Sen. James Seward of Oneonta, and Assembly members Kevin Cahill of the Hudson Valley, Edward Braunstein of Queens and Dan Quart of Manhattan.

On Wednesday, Golden called the delay a godsend that could lead to the rules being made more fair.

We want to make sure the legislation that goes forward goes after the bad actors and lets[……]

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Wynn Resorts

Wynn Resorts secures $800M爱上海同城论坛 爱上海同城 line of credit to help pay $2.6B settlement The deal is unrelated to but follows a leadership shakeup from Steve Wynn sex scandal

Steve Wynn (Credit: Getty Images)

Wynn Resorts has secured an $800 million line to credit to pay for a multibil新上海贵族宝贝论坛 上海贵族宝贝交流区lion-dollar settlement regarding one of its founders.

The company, which is undergoing a leadership shakeup due to a separate sex scandal and ensuing stockholder revolt, closed a 364-day term loan from Deutsche Bank. Wynn Resorts plans to use the proceeds from the financing, as well as cash on hand, to pay a $2.6 billion settlement to Japanese pachinko magnate Kazuo Okada, who once owned half the company. The settlement is unrelated to the sexual misconduct allegations involving its founder, Steve Wynn.

Last week, Wynn Resorts and Okada’s Aruze USA, a subsidiary of Universal Entertainm阿拉爱上海同城 爱上海龙凤419桑拿ent Corporation, settled a lawsuit that has lingered since 2012. The dispute stemmed from the forced redemption of Aruze’s 25.5 million shares of Wynn common stock. Okada was pushed out after the FBI launched an investigation into his firm’s possible violations relating to the Foreign Corrupt Practices Act.

Aruze’s stake in the company now has a value of around $4.9 billion.

The settlement came as Wynn Resorts dealt with the fallout from sexual misconduct allegation against its founder Steve Wynn. In January, the Wall Street Journal reported the story of a manicurist who claims that Wynn forced her to have sex with him. More accusers then came forward, with details of encounters stretching上海千花网交友 上海千花网论坛 back to the 1970s. The newest allegations involved two massage therapists who claim that Wynn coerced them into performing sexual acts more than 50 times between 2006 to 2009.

Wynn resigned last month as chairman and chief executive of the company that bears his name. He was followed out the door by two board members, Ray Irani and Alvin Shoemaker, who announced their departure last week. Wynn has denied the alleg爱上海同城手机版 新爱上海同城对对碰论坛ations against him, describing the claims of his accusers as “preposterous.”

The accusations have led to several lawsuits from stockholders, who claim that the company engaged in a coverup of Wynn’s alleged misdeeds. Massachusetts pension fund Norfolk Retirement System, Pennsylvania-based Operating Engineers and Construction Pension Fund and investors John and Joan Ferris are the plaintiffs in class action suits against Wynn.

The $2.6 billion agreement settles all claims between Wynn, Aruze and Universal. The settlement, which covers the principal amount from the promissory note and interest, must be paid by March 31.

Tags: lawsuits, Real Estate Finance, wynn
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A1 Building Permit

Building in the shadows: 3.2M sf of new construction being built with this permit Developers filing for A-1 permits must navigate complex building and zoning

Hudson Commons, RKO Keith’s Theater, 111 West 57th Street, and 222 East 44th Street

Among the many skyscrapers sprouting up along “Billionaires’ Row,” there is one that’s technically not a new building at all. JDS Development Group and Property Markets Group’s skinny condo project at 111 West 57th Street is classified as an alteration of the Steinway Hall building – an alteration that adds 300,000 square feet in floor space and 66 additional stories.

That project, and many others that the New York City Department of Buildings has officially categorized as alterations, highlights the technical intricacies of determining what counts as a “new building” – a definition that has major significance for developers navigating complex building and zoning rules.

“There’s a bright line between when something is no longer an alteration and then has to be filed as a new building permit, and this is something the Department enforces carefully,” said Mitchell Korbey, a zoning and land use expert at law firm Herrick Feinstein.

The 30 largest alteration jobs currently in progress with additions ranging from 62,000 to 320,000 square feet are expected to add a total of 3.6 million square feet of floor space to the city, according to a data analysis by the The Real Deal. That compares with the approximately 190 million square feet under way in new building filings, the analysis showed.

Here’s a quick primer on what determines whether it’s a new building or an alteration, and w上海贵族宝贝交流区 上海贵族宝贝论坛hy developers opt for one over the other.

Old code, new code

In its simplest form,  DOB rules require all jobs that preserve any existing building elements – including parts of foundations or facades – to be filed as “alterations” and not as “new buildings.” Basically, either you totally demolish, or you amend it.

Alterations to old b上海贵族宝贝 上海千花网龙凤论坛uildings are generally allowed to follow old building codes (with exceptions for things like safety and the environment), which is often advantageous to developers looking to maximize returns on their space. But if an “alteration” more than doubles a building’s floor area (technically, the cutoff point is a 110 percent increase), then the latest building code comes into effect as if it were a爱上海同城对对碰 爱上海同城论坛 brand new building.

But the calculus doesn t end there. Even if a building becomes subject to new building codes, it might still be grandfathered into old zoning rules. Generally speaking, pre-existing buildings whose form or use violate new zoning rules can be altered as long as they don’t make the non-compliance worse. On the other hand, new buildings almost always have to conform with the latest zoning rules.

If it seems like this distinction between the rules for new and altered buildings might encourage developers to “game the system,” city officials have considered how to combat it.

“Many years ago, t[……]

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Brookfield

Last week, The Real Deal s Eddie Small sat with Gary Axelbank, the host of Bronx Buzz, to discuss the latest in development in 新爱上海同城对对碰论坛 上海同城对对碰交友社区th爱上海 爱上海同城手机版e Bronx, as well as some of the highlights from the September issue story, Who owns all of New York?

The main topic of conversation was the borough s most high-profile development: Brookfield Property Partners first project in the Bronx. After closing on its $165 million buy of a Mott Haven development site from Somerset Partners and the Chetrit Group earlier this month, the developer told TRD it would set aside 30 percent of the apartments in the complex as affordable.

It s really a one-of-a-kin阿爱上海同城 阿拉爱上海同城d project for the entire South Bronx, Small said. Nothing really approaches it in terms of size and sale and I know from going to some events in the borough, a lot of othe上海贵族宝贝交流区 上海贵族宝贝论坛r people in the real estate industry are keeping a very close eye on this.

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Steve Croman Lawsuit

In time for the holidays, former Croman tena上海龙凤论坛 新上海贵族宝贝论坛nts will begin receiving checks The money from $8M fund will be paid in installments over 38 to 42 months

Steve Croman paying up (Credit: iStock)

UPDATED, Dec. 13, 5:55 p.m.: The first round of payments are being issued to former tenants of infamous landlord Steve Croman, the New York state Attorney General’s office said Thursday.

Checks are being mailed to eligible current or former tenants who last month submitted claims to the restitution fund, according to the statement. The first batch of payments follows the landlord’s initial $2 million payment to the fund, which totals a record $8 million.

“I’m pleased that this first round of checks will be going out before the holidays, and that tenants can expect at least three more rounds of restitution,” New York Attorney General Barbara Underwood said in a statement.

The $8 million will be divided equally among eligible claimants. The 新爱上海同城对对碰论坛 上海同城对对碰交友社区payments will be distributed to tenants in installments over 38 to 42上海千花网交友 上海千花网论坛 months, according to the AG’s office. Nearly 800 households filed applications — and eligible households will start receiving checks for $2,425 each, as early as next week.

To be eligible, tenants had to have lived in a rent-stabilized or rent-controlled apartment owned by Croman between July 1, 2011 and December 20, 2017. Those who received a buyout of more than $20,000 are excluded.

The agreement is the largest-ever settlement with an individual landlord in New York. It followed the AG’s case against Croman in which he was accused of harassing tenants and tricking them into giving up their rent-stabilized apartments.

“We are di爱上海同城手机版 新爱上海同城对对碰论坛ligently implementing our settlement agreement with the state Attorney General in line with our focus on using best practices to provide quality housing for our residents, a spokesperson for 9300 Realty, Croman s management firm, said in a statement.

Croman served eight months of a one-year jail sentence after pleading guilty in October to tax- and mortgage-fraud charges. In addition to the restitution, an independent manager will run more than 100 of Croman’s properties, and Croman will also have to pay for a court-appointed monitor who will ensure compliance.

Tags: attorney general’s office, Steve Croman, 阿拉爱上海同城 爱上海龙凤419桑拿Tenant Harassment
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