WeWork Revenue

WeWork’s Neumann takes more cautious tone on startup 阿拉爱上海同城 爱上海龙凤419桑拿s revenue projections Co-founder now expects to hit $1B run-rate in 2017

Adam Neumann

WeWork’s co-founder Adam Neumann 上海千花网论坛 上海千花网is taking a more cautious tone on the $16 billion company’s growth projections.

In an interview Monday, Neumann said he expects the co-working and co-living company to hit a run-rate revenue defined as the annualized revenue of a company if you were to extrapolate the current revenue over a year of $1 billion in 2017, according to Reuters. In a leaked pitch deck to potential investors from October 2014, WeWork had estimated it would reach that figure in 2016 and hit $2.13 billion by the end of 2017.

WeWork  reportedly used the document to win over investors for a fundraising round that ended up valuing the firm at $5 billion. Since then, the f爱上海同城手机版 新爱上海同城对对碰论坛irm’s valuation has more than tripled to $16 billion.

A source close to the company told The Real Deal that the pitch deck was created in a “frothy” fundraising environment, that demand for WeWork s services is strong and that Neumann’s $1 billion reference simply reflects a more conservative approach to capital expenditures.

On Monday, Bloomberg reported the company canceled advanced plans to lease 45,000 square feet in London’s Canary Wharf district.

The more cautious tone on revenue projections co阿拉爱上海同城 爱上海龙凤419桑拿mes despite the fact that its membership growth looks close to projections. WeWork says it currently has 64,000 members worldwide. In th新爱上海同城对对碰论坛 上海同城对对碰交友社区e 2014 document, it had said it would hit 46,314 members by December 2015 and 98,295 members by December 2016.

In the document, WeWork based its rosy revenue and profit projections not just on membership growth, but on the expectation that it would make more money off each individual member. It projected the annual membership fee per WeWork member to rise from $578 in 2014 to $739 in 2017.

Tags: Adam Neumann, wework
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Philip Pilevsky

Gamma sues Pilevskys over 3 Sutton Place Lender alleges they “intentionally and improperly” caused Beninati to breach his contract

Rendering of 3 Sutton Place in Midtown (credit: Foster + Partners) (inset, Joseph Beninati)

Gamma Real Estate, the mezzanine lender on the beleaguered condominium project at 3 Sutton Place, is suing real estate investors Philip, Michael and Seth Pilevsky, alleging they helped developer Joseph爱上海龙凤419桑拿 上海龙凤论坛sh1f Beninati to file for bankruptcy at the project in order to take a piece of it.

In June 2015, Gamma lent Beninati s Bauhouse Group about $147 million to fund the planned 113-unit, 68-story condo tower. In January, the Bauhouse-controlled LLC That Owns The Sutton Place project defaulted on Gamma’s loan, and a month later filed for Chapter 11 bankruptcy protection to ward off foreclosure. According to Gamma’s complaint, the Pilevskys loaned Beninati $50,000 to hire a law firm (where a fourth Pilevsky is a partner) to execute the bankruptcy proceedings in the nick of time. The Pilevskys were not prev上海千花网 爱上海同城对对碰iously involved with the Sutton project, Gamma claims.

Defendants, who were strangers to the Project, intentionally and improperly caused these contractual breaches in a scheme to benefit themselves and obtain an ownership interest, Gamma s lawsuit states.

The suit is the latest chapter in a drawn-out legal battle over the site. In July, Beninati sued Gamma for allegedly conspiring with his cousin, who is Beninati’s lawyer, to take control of the Sutton property “and reap the greedy reward.

Neither the Pilevskys nor the lawyers representing Gamma could immediately be reached for comment

The Real Deal reported that at the time of the bankru爱上海同城手机版 新爱上海同城对对碰论坛ptcy filing, the property located at 428-432 East 58th Street, was valued at $270 million, and up to $1 billion once the proposed Norman Foster-designed tower gets built, according to an appraisal by Cushman Wakefield .

Philip Pilevsky of Philips International, father to Michael and Seth, is an investor in the Bryant Park Hotel and 250 Church Street. Together with Joseph Tabak, he made a $2.1 billion bid for the Empire State building in 2013.

Tags: 3 Sutton Place, Joseph Beninati
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New York City Zoning

The Long View: Here’s where resi development would boom if NYC had no zoning Economist IDs areas where building more apartments would make financial sense for developers

The numbers indicate by what factor residential square footage could increase in each zip code if it weren t for zoning and landmark restrictions (credit: Jason Barr) Click to enlarge

What would New York City look like if there were no zoning or landmark restrictions? Gowanus could be a skyscraper canyon, the West Vil阿拉爱上海同城 爱上海龙凤419桑拿lage could look a lot more like Murray Hill and the low-rise neighborhoods of northeastern Queens could see a construction boom at least according to one urban economist.

Through an economic analysis of building density, Rutg爱上海龙凤419桑拿 上海龙凤论坛sh1fers University-Newark’s Jason Barr found that Red Hook, Gowanus, Carroll Gardens, Park Slope Brooklyn’s Chinatown, the West Village and northeastern Queens are the city’s most underbuilt residential neighborhoods. If zoning restrictions were removed, he says, the housing stock in these areas could surge.

Here’s what Barr did: first, he calculated the median residential sales price for each zip code based on public sales records between May 2015 and April 2016. He then estimated average construction costs by building height based on his own prior research ranging from $250 per square foot for single-story buildings to $1150 per square foot for 91-story towers.

Barr assumed that in a free market without zoning restrictions, developers will build exactly the amount of residential space that maximizes profits i.e. maximizes the difference between current residential sales prices and construction costs.

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Based on that assumption, and his estimates of construction costs and sales prices, he calculated the total square footage of residential space for each zip code that would maximize developer profits. Then he compared that profit-maximizing square footage to existing residential square footage. If zoning restrictions were removed, the areas where the difference is greatest are the areas that are most underbuilt and would likely see the most residential construction.

The map above shows Barr’s findings. The dark blue spots are zip codes where the profit-maximizing residential square footage is more than five times the existing square footage. In other words: these are neighborhoods where developers would, in theory, build five times as many apartments as currently exist, if zoning let them.

In Red Hook and Gowanus, two of the dark-blue zip codes, gentrification has driven up apartment prices, but much of the neighborhoods is zoned for industrial and low-rise use, meaning developers have had a tough time meeting all that demand. In Brooklyn’s Chinatown, an influx of overseas investors has pushed up prices, but low-rise zoning means little new construction has followed. Restrictive zoning has also held up supply in northeastern Queens and the West Village, the two other dark-blue areas on the map.

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Notorious B.I.G. Brooklyn

Notorious B.I.G. and the Crispus Attucks Playground

Brooklyn loves Biggie. And nex上海千花网龙凤论坛 上海千花社区t mont上海千花网 爱上海同城对对碰h, the basketball court at the Crispus Attucks Playground in Clinton Hill, near where the late rapper grew up, 上海夜网 阿爱上海同城will be renamed for the Notorious B.I.G.

For years, City Council member Robert Cornegy has pushed to rename the playground for the popular rapper. But others have objected to the plan because of Biggie Smalls “objectionable” lyrics, the New York Daily News reported. A renaming ceremony is scheduled to take place next month.

But basketball isn t the only way Brooklyn has gone big for Biggie. For example, the two-story “K爱上海龙凤419桑拿 上海龙凤论坛sh1fing of NY” mural continues to turn heads on the corner of Bedford Avenue and Quincy Street, despite recent reports that the building s landlord would be covering the art. And the Hip Hop Hall of Fame Museum is still looking to create the Biggie Memorial Project, a six-foot tall bronze sculpture at Clinton Hill’s Putnam Triangle, according to Curbed. [NYDN] Christopher Cameron

上海夜网论坛 上海夜网Tags: brooklyn, parks
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Logistics Real Estate

Will dead malls be the next logistics hubs? Warehouse landlords look to repurpose old shopping centers

The interior of the empty Randall Park Mall in North Randall, Ohio and Amazon s Jeff Bezos (Credit: Getty Images)

Some of the real estate most coveted by e-commerce giants and logistics companies just so happens to be the malls they helped to snuff out.

Warehouse landlords are turning to former malls as new locations for delivery companies and retailers due to their proximity to consumers’ homes and easy access to transportation, the Wall Street Journal reported.

上海千花网交友 上海千花网论坛In North Randall, Ohio, for example, Amazon is eyeing the site of the former Randall Park mall for a fulfillment center, which was the largest shopping ce上海千花网 爱上海同城对对碰nter in the world for a brief time after it opened in 1976, the newspaper reported. The mall closed in 2009.

And in Mesquite, Texas, FedEx will open a 340,000-square-foot distribution center on the site of the former Big Town Mall, which was demolished in 2006 and later rezoned.

“Land uses do change,” said Michael Landy of 爱上海同城 爱上海Monmouth Real Estate Investment Corp. , which owns the facility and leases上海千花社区 上海千花网交友 it to FedEx.

Analysts estimate that about 400 of the roughly 1,100 malls across the country will close in the coming years. At the same time, there’s an enormous appetite for industrial space, which is expected to see 247 million square feet delivered this year, according to JLL.

Amazon also plans to hire 100,000 full-time and 30,00 part-time workers in the country by mid-2018. The company is planning on opening a 1 million-square-foot distribution center on Staten Island, part of what will eventually be a 3.5 million-square-foot commercial hub being developed by New Jersey-based Matrix Development Group. [WSJ] – Rich Bockmann

Tags: Commercial Real Estate, Development, shopping 上海贵族宝贝 上海千花网龙凤论坛malls, warehouses
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Porn Stores

Facing extinction, New York s smut shops are appealing to the Supreme Court Industry hopes to appeal a June ruling that banned most stores

Show World Center (Credit Google Maps)

New York’s porn shops aren t going to Take A Court defeat lying down.

The industry lost a lengthy battle with the city in June that banned most of New Yo爱上海同城手机版 新爱上海同城对对碰论坛rk’s remaining porn stores, but industry attorney Erica Dubno wants to appeal the case to the U.S. Supreme Court by year’s end, according to Crain’s.

爱上海龙凤419桑拿 上海龙凤论坛sh1fThe New York State Court of Appeals ruled against what had been dubbed the 60/40 rule in June, which let porn shops disregard certain harsh city rules as long as porn made up less than 40 percent of their inventory.

Show World, one of the last remaining porn shops in Times Square, complied with the ruling by filling its basement with items like crossword puzzle books and old magazines. That store’s fate became more uncertain in May when landlord Richard Basciano, whose Eighth Avenue buildings between West 42nd and 43rd Street were longtime porn havens, died.

The 上海贵族宝贝 上海千花网龙凤论坛city will not start enforcing the ban until the Supreme Court decides whether to hear the case, which will likely happen early in 2018.

Dubno acknowledged that their chances爱上海同城论坛 爱上海同城 of acceptance were low, but maintained that they had a legitimate case.

You re talking about limiting a type of expression that is fully protected by federal laws, Dubno told Crain’s. Our case has extremely compelling constitutional issues that should be of interest. [Crain’s] – Eddie Small

Tags: Commercial Real Estate, Politics, u.s. supreme court
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Fortis Property Group

Fortis recapitalizes 1 Seaport with $66M loan Mezzanine financing comes from Mack Real Estate Credit Strategies

A rendering of 1 Seaport, Joel Kestenbaum, and Jonathan Landau of Fortis Property Group (Credit: Fortis Property Group)

Mack Real Estate Credit Strategies has given a $66 mil爱上海同城对对碰 爱上海同城论坛lion mezzanine loan to Fortis Property Group to partially recapitalize the luxury上海千花网交友 上海千花网论坛 condo tower 1 Seaport.

The 60-story building at 161 Maiden Lane is also known as Seaport Residences and contains 98 units, 72 of which are under contract, according to the Commercial Observer. It has an anticipated sellout of more than $275 million.

The project is the first condo in the Seaport District and will be the tallest waterfront tower in the city when finished. Amenities include an infinity pool, a spa and a fitness center.

Fortis entered the market earlier this year for $270 上海同城对对碰交友社区 上海夜网论坛millio上海夜网论坛 上海夜网n in total of condo inventory financing for 1 Seaport and the first phase of redevelopment at the Long Island College Hospital site in Cobble Hill.

Dustin Stolly, Jordan Roeschlaub and Nick Scribani of Newmark Knight Frank negotiated the deal with Kevin Cullinan and Jared Horowitz from Mack. [CO] – Eddie Small

Tags: 1 Seaport,爱上海同城论坛 爱上海同城 Commercial Real Estate, Fortis Property Group
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Kushner Companies

Two tenants at Kushner’s Times Square property are showing signs of stress: report Firm is having problems with Gulliver’s Gate and National Geographic Encounter

Charles Kushner and 229 West 43rd Street (Credit: Luxury Attache)

Two tourist attractions at Kushner Companies’ Times Square retail property are showing some signs of trouble, posing a potential threat to the company’s mortgage.

At least six contractors have sued the owner of Gulliver’s Gate, which shows a miniatu上海夜网论坛 上海夜网re model of the city, over alleged nonpayment of fees, according to Bloomberg. Meanwhile, the operator of National Geographic Encounter has been in a rent dispute with Kushner since August. The attractions made up almost half of the expected rent-r上海千花社区 上海千花网交友oll at 229 West 43rd Street in a 2016 estimate that helped to justify $370 million worth of loans.

Gulliver’s Gate has already settled at least two of the lawsuits, and a spokeswoman for National Geographic Encounter told Bloomberg in an email that they were engaged in “a simple garden variety landlord-tenant dispute” that they expect to resolve.

Kushner has pulled away from New York recently, namely by selling their property at 666 Fifth Avenue to Brookfield Property Partners. Any issues at the Times Square building would be relatively smaller and should not pose a dire threat to the company.

A spokesperson for Kushner did not immediately respond to a request for comment.

The firm bought the six-story Times Square building in 2015 for $296 million, when it was mostly vacant. They were working on opening a food hall with celebrity chef Todd English and Outstanding Hospitality M上海千花社区 上海千花网交友anagement. But after getting into a legal dispute with OHM earlier this year, the company no longer plans to move in.上海千花网交友 上海千花网论坛

Kushner did find a replacement for Guy Fieri’s American Kitchen with The Ribbon, a restaurant on the Upper West Side that will open a branch in Times Square.

The Real Deal sat down with Charlie Kushner for a lengthy interview earlier this year, where he discussed issues ranging from federal investigations to allegat上海夜网论坛 上海夜网ions of tenant harassment to his son’s role at the White House. [Bloomberg] – Eddie Small

Tags: 229 west 43rd street, Commercial Real Estate, kushner companies
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The Real Deal February 2019

The上海夜网 阿爱上海同城 Real 上海千花网论坛 上海千花网Deal爱上海同城 爱上海 s February issue is no上海千花网 爱上海同城对对碰w available to all subscribers Inside: Resi brokerage, investment sales firms rankings, Bess Freedman Closing and more
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Victoria 3? ” galaxy ” game chief inspector is moved toward P company secret new project

” galaxy ” new DLC ” Megacorp ” had gone up line a week, also caused intense topic to argue in player community, assume you like to be mixed everlastingly other civilization begins greedy trade action, that scarcely fault tolerance passes. How to say no matter, this Megacorp will be Martin Anward of game chief inspector is in ” galaxy ” in a last job, he was being pushed yesterday go up especially announce, he will be moved toward new project. “No less than alludes in direct seeding, megaCorp is I serve as ” galaxy ” what game chief inspector designs is the last extend a bag, now of game unripe in killing authority to master in @dmoregard hand, what he and I fought bravely 3 years together in this game is long. ” Anward is being pushed go up especially write. Good news is Martin is exited ” galaxy ” project group does not mean him to will leave P company, “This decision-making had considered for a long time, I can hold the position of the job that game designs in P company as before, just transfer another secret project merely. ” Anward states he still can continue to chair ” galaxy ” stylist interview period of time, and can be in leak more information later. Anward did not show him to will be moved which fully ” mysterious ” in the project, the likelihood has only most the ability of vermicelli made from bean starch that the terminally of iron lever pursues a program guesses a tiny bit, p company also did not give out what suggestion, push of course issue vermicelli made from bean starch especially people the nothing is more… than with highest cry ” Victoria 3 ” development. [……]

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