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  #61  
Old Posted Jan 31, 2014, 4:15 PM
babybackribs2314 babybackribs2314 is offline
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Originally Posted by Eveningsong View Post
Is he a developer? I don't get it
No legitimate developer would have gym selfies & photos where they brag about wealth. At least not in NYC. Developers here tend to be very private individuals, and with every reason -- they have enough bad PR to deal with just for existing, as people tend to hate them. Those photos would be ample fuel to any fire.

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Originally Posted by Crawford View Post
Probably because you often don't know height, floors, renderings.

In NYC there is no legal requirement to offer any of this to the public. You often don't know a building's height/floors until completion has ended, because building filings can change up until certificate of occupancy is granted.

And renderings aren't required at any stage of the process.
This is partially incorrect. I do believe the DOB now requires renderings/drawings to be posted on sites within a certain timeframe of construction beginning. The change has been recent, but the results have been very beneficial to transparency.
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  #62  
Old Posted Jan 31, 2014, 6:42 PM
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Originally Posted by Submariner View Post
Complete with not one, but two gym selfies.
con·ceit·ed

kənˈsētid/

adjective

excessively proud of oneself; vain.
synonyms: vain, narcissistic, self-centered, egotistic, egotistical, egocentric;
============
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  #63  
Old Posted Jan 31, 2014, 8:19 PM
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I also have my doubts about these Mavrix group guys but let's see what happens. A bit off topic but according to this article, there is another tower coming just down the block at 56 Fulton.
http://nypost.com/2014/01/23/5-reaso...next-hot-spot/
Just how rock ’n’ roll is this neighborhood? So rock ’n’ roll that when Scott Aaron, principal at Socius Development Group, and his partners decided to develop a 23-story 80/20 rental at 56 Fulton he told his interior designer (Andres Escobar) to think of “a ’70s, ’80s downtown rock scene: Basquiat, Blondie, CBGB — that kind of downtown scene . . . make it a look back to New York 20, 30 years ago.”
or a city in the throes of “American Hustle” fever, this is an intriguing concept.
The 120 unit building will be a mixture of studios, one- and two-bedrooms and include a “funky” residents’ club and 6,000 square feet of retail. “They’ll be good sized apartments,” Aaron says.
Ground will be broken on the site (now an eight-story outdoor parking garage) this summer — the building should be finished in early 2016.
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  #64  
Old Posted Jan 31, 2014, 10:28 PM
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Originally Posted by chris08876 View Post
con·ceit·ed

kənˈsētid/

adjective

excessively proud of oneself; vain.
synonyms: vain, narcissistic, self-centered, egotistic, egotistical, egocentric;
============
#Lifts4Lyfe
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  #65  
Old Posted Jan 31, 2014, 11:03 PM
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Originally Posted by babybackribs2314 View Post
No legitimate developer would have gym selfies & photos where they brag about wealth. At least not in NYC. Developers here tend to be very private individuals, and with every reason -- they have enough bad PR to deal with just for existing, as people tend to hate them. Those photos would be ample fuel to any fire.
I disagree. Lots of current major NYC developers, like Michael Shvo, are very promotional. You have Related, the biggest current NYC developer, partying with JLo and Pit Bull. And, obviously the most famous NYC developer of the last half-century, Donald Trump, has always been a publicity whore.

And there's no issue of "PR" or "fuel to fire". This is an as-of-right site. There's no public review.

Now some developers are super-private, for whatever reason. Some need public approvals, others deal with certain types of investors.

Quote:
Originally Posted by babybackribs2314 View Post
This is partially incorrect. I do believe the DOB now requires renderings/drawings to be posted on sites within a certain timeframe of construction beginning. The change has been recent, but the results have been very beneficial to transparency.
Yeah, this is a recent change, but it's just a required drawing. It doesn't really give details. And there's no requirement that the built product specifically matches whatever is posted. There's nothing stopping developers from making amendments to an approved and u/c design, which is why exact heights and square footage are so difficult to pinpoint prior to completion of construction.
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  #66  
Old Posted Jan 31, 2014, 11:18 PM
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Originally Posted by Crawford View Post
I disagree. Lots of current major NYC developers, like Michael Shvo, are very promotional. You have Related, the biggest current NYC developer, partying with JLo and Pit Bull. And, obviously the most famous NYC developer of the last half-century, Donald Trump, has always been a publicity whore.
Donald Trump & Michael Shvo do not post gym selfies.
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  #67  
Old Posted Feb 1, 2014, 3:47 AM
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Originally Posted by babybackribs2314 View Post
No legitimate developer would have gym selfies & photos where they brag about wealth. At least not in NYC. Developers here tend to be very private individuals, and with every reason -- they have enough bad PR to deal with just for existing, as people tend to hate them. Those photos would be ample fuel to any fire.
Ahh now I understand. Thank you.
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  #68  
Old Posted Feb 1, 2014, 2:47 PM
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Originally Posted by McBane View Post
I'm always curious to see what's happening in NY. But how come all the highrise project threads do not have the pertinent info on the very first post? I thought that was the skyscraperpage standard to include height, floors, renderings, etc.
Sometimes, at least in New York, you may not get a rendering until the building is under construction. Last year the City began implementing a program that requires renderings on construction sites.

http://www.nyc.gov/html/dob/download...ut_1-25-12.pdf


http://online.wsj.com/news/articles/...05441594367040

Quote:
Developers and construction companies have long been required to display a myriad of permits and other public documents at building sites. But their legal and bureaucratic writing is so obtuse it's difficult to figure out answers to such simple questions such as what's being built here.

To make information displays more clear, the department has launched a pilot program that is encouraging contractors and building owners to consolidate permits and signage into one display panel. Best of all, the display panel includes space for a rendering of a project so passersby will know exactly what the end result will look like.




Quote:
Originally Posted by babybackribs2314 View Post

Quote:
Originally Posted by babybackribs2314 View Post
No legitimate developer would have gym selfies & photos where they brag about wealth. At least not in NYC. Developers here tend to be very private individuals, and with every reason -- they have enough bad PR to deal with just for existing, as people tend to hate them. Those photos would be ample fuel to any fire..

Ok, lets not do that here. I don't know this guy, and I understand you may have had some issues with them earlier (from your post), but that's all the more reason not to.

Regarding the Mavrix Group, no, they aren't "traditional" real estate developers, or at least the kind you are accustomed to seeing. Whether or not any tower gets built ultimately comes down to the money.

http://www.mavrixgroup.com/people


Erin Wicomb



http://nypost.com/2014/01/23/5-reaso...next-hot-spot/

Quote:
.....we would be remiss not to mention the Mavrix Group’s planned 51-story, 96-unit, 114,000-square-foot condo planned on Fulton Street, between Gold and William only three blocks from the Seaport’s edge.

According to Wicomb, the developers are still considering adding “other parcels to make the project bigger.” (They’re looking at a total of seven parcels of land.) There won’t be a great deal of retail space, but there will probably be some.

“What we want to bring to market will be ultra high-end for an affordable price,” says Wicomb.

When the project is finished in 2016, it will hope to command $2,000 per square foot.

We have nothing to do but sit back and see what develops.
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  #69  
Old Posted Feb 20, 2014, 12:20 AM
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Maybe we'll see more of this...


http://therealdeal.com/blog/2014/02/...to-the-people/

Crowdfunding brings real estate investment to the people

February 19, 2014


Quote:
A number of new real estate startups are bypassing traditional banks and professional investors and instead taking to crowdfunding platforms to finance new projects.

The specifics vary from firm to firm, but all aim to use crowdfunding to make real estate investment more transparent and to generate buzz for their buildings. The funding format is new on the real estate front, as the Securities and Exchange Commission lifted a ban on private companies investing unregistered products in the fall of 2013.


http://www.dnainfo.com/new-york/2014...investors-cash

Crowdfunding Comes to Real Estate as Websites Seek Small Investors' Cash

17 John St




___



By Amy Zimmer
February 19, 2014


Quote:
A crop of new real estate startups is turning to crowdfunding as a way to get buildings off the ground.

Instead of developers having to rely on banks or professional investors, these new platforms let them go directly to “the people” to finance projects — and individuals previously shut out of the world of real estate investing typically reserved only for the super-rich can now buy a slice of the pie for as little as $100.

“In the wealth management world there are only two big assets: bonds and stock, and this is the creation of a totally new asset class," said Rodrigo Niño, Prodigy Network’s founder and chief executive officer.

"People have the opportunity to invest in something that wasn’t available before."

Niño’s New York-based company turned to the “crowd” to raise more than $30 million — with starting shares of $100,000 — to convert an apartment building in the Financial District into a 23-story 191-unit luxury extended-stay business hotel.

Niño is hoping its “cotel” — as the project at 17 John St. is called — will spur a unique kind of “collaborative community” of likeminded guests. To get started designing its lounges, co-working spaces and other communal areas, Prodigy is launching a public competition at an event Thursday at Social Media Week.

It’s transformative and disruptive,” Niño said of using crowdsourcing to fund commercial real estate projects. “It opens a $15 trillion industry.”

His goal is to build something big here with shares starting at $20,000, he said, noting that Prodigy is working on a massive 1.2 million-square-foot, 66-story skyscraper in Colombia that 6,200 investors helped fund with shares starting at that level.

these companies are making it easier to become mini moguls with many investors putting money in multiple projects, explained Nav Athwal, CEO of the California-based RealtyShares where investments average $12,000.

Athwal, whose company is planning to announce its first New York City-based crowdfunded project in the coming weeks, echoed that the process is good for those who always wanted to invest but never had the access before.

In the past, he said, “If you want[ed] to invest in real estate there’s only a limited way: Buy your own apartment and manage it ... Or you have to be part of a private syndicate [of investors], and it’s the country club model of who you know.”
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  #70  
Old Posted Feb 20, 2014, 2:49 AM
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^Brilliant!
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  #71  
Old Posted Feb 20, 2014, 4:37 AM
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In this city, your sure to make a nice profit; especially in the luxury living sector. If only this applied to the current 57th street towers.
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  #72  
Old Posted Mar 26, 2014, 12:04 PM
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http://www.rew-online.com/2014/03/26...ding-grows-up/

Tough love as crowdfunding grows up


March 26, 2014
By Konrad Putzier


Quote:
.....Critics and proponents of real estate crowdfunding have argued that time will prove them right. Now, six months have passed since its de-facto legalization and it may be time for a first assessment of how far it has come and where it is heading.

.....A good dozen real estate crowdfunding platforms have sprung up over the past year, each with a slightly different business model. Some, such as California-based Patch of Land, crowdfund mortgages with a fixed term. Others, such as New York-based Prodigy Network, raise equity that grants investors an actual share in a building.

....the industry is still just a drop in the ocean of real estate financing. The estimated $80-100 million raised by real estate crowdfunding firms since September could barely buy an office tower in Manhattan, which may explain why it has gotten little interest the New York industry.

.....In order to become big players in real estate financing, crowdfunding firms need to branch out from single-family homes into the lucrative world of skyscrapers and industrial parks. Some firms are already attempting to do so.

iFunding is in contract to build a $250 million condo tower on Fulton Street in the Financial District with a development partner, for which it hopes to raise $50 million from the crowd.


Prodigy Network’s Rodrigo Nino has similar ambitions. He has already raised $170 million for a tower in Bogota and $25 million for a residential tower in Manhattan’s financial district through crowdfunding, albeit exclusively from non-US investors. His first foray into U.S. crowdfunding is a planned $175 million FiDi residential tower at 17 John Street, for which he claims to have already raised more than $20 million from the crowd. Close to a third of that money, he said, came for U.S. investors.

Crowdfunding skyscrapers is difficult for several reasons. First, it requires raising unprecedented amounts of capital — a daunting case given crowdfunding firms’ low profile and miniscule marketing budgets. In order to reach more investors, several firms said they are looking to significantly raise their advertising budgets in 2014.

.....One way of gaining legitimacy in the eyes of institutional investors is to add big names to the team.

iFunding recently added former New York Governor David Paterson as well as entrepreneur and Goldman-Sachs alum Jason Jones to its board of directors.

Douglas Ellenoff has no doubt that it will eventually pay off. “I’ve worked on many new programs, and people are always skeptical at the beginning. For example, people didn’t think E-trade would work,” he said. “Then they wake up ten years later and think ‘How did I not jump in on this earlier?’”
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  #73  
Old Posted Mar 26, 2014, 1:02 PM
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There is no way this is happening under the current scheme & you cannot crowdfund a skyscraper.

Also, the idea that you can build a luxury tower for cheap is ridiculous; it is a *luxury* tower for a reason.
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  #74  
Old Posted Mar 26, 2014, 1:06 PM
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Originally Posted by babybackribs2314 View Post
There is no way this is happening under the current scheme & you cannot crowdfund a skyscraper.

Also, the idea that you can build a luxury tower for cheap is ridiculous; it is a *luxury* tower for a reason.

Well, the good news is that it cost nothing for us to watch what happens.
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  #75  
Old Posted Mar 26, 2014, 1:11 PM
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Well, the good news is that it cost nothing for us to watch what happens.
True! But they are really just playing this as a PR move with hopes that additional press will get their stake bought out.
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  #76  
Old Posted Mar 26, 2014, 1:13 PM
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I've been interested in that particular tower since I met one of the two guys running the company and I already shared my reservations about the whole thing. 92 fulton is back on the market after it was 'in contract' for the last several months. (it's the second property on the list)
http://arielpa.com/listings/availabl...ies/#0,2,0,0,0
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  #77  
Old Posted Mar 26, 2014, 1:19 PM
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Originally Posted by sparkling View Post
I've been interested in that particular tower since I met one of the two guys running the company and I already shared my reservations about the whole thing. 92 fulton is back on the market after it was 'in contract' for the last several months. (it's the second property on the list)
http://arielpa.com/listings/availabl...ies/#0,2,0,0,0

They would certainly need that piece to build a tower of size, even though its just the small lot (about 30,000 buildable sf).
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  #78  
Old Posted Mar 26, 2014, 1:24 PM
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Originally Posted by babybackribs2314 View Post
There is no way this is happening under the current scheme & you cannot crowdfund a skyscraper.
You most certainly can "crowdfund" a skyscraper. The tallest building in Bogota, Colombia, was 100% crowdfunded, and is one of the tallest towers in Latin America.

They crowdfunded well over $200 million for the Bogota skyscraper. For the Manhattan skyscraper, the potential crowdfunding is for on $50 million, which would be less than 20% of the construction cost.
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  #79  
Old Posted Mar 26, 2014, 1:32 PM
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They would certainly need that piece to build a tower of size, even though its just the small lot (about 30,000 buildable sf).
Hi Nyguy, i may be wrong but I am assuming it was The Mavrix Group that were in contract to buy it and now it's back on the market. If that's correct, this gives credibility to the argument that these guys are not really that serious about the tower. Big "IF" though so certainly it's interesting to see what happens.

Last edited by sparkling; Mar 26, 2014 at 1:44 PM.
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  #80  
Old Posted Mar 27, 2014, 1:09 AM
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Originally Posted by sparkling View Post
Hi Nyguy, i may be wrong but I am assuming it was The Mavrix Group that were in contract to buy it and now it's back on the market. If that's correct, this gives credibility to the argument that these guys are not really that serious about the tower. Big "IF" though so certainly it's interesting to see what happens.
It doesn't really tell me anything because we never had any concrete plans to see. As I said, this particular lot contributed to the overall development, and I'm assuming footprint. It was for sale the last time I saw it, so I can't say exactly what has changed. Maybe some of the other properties are in play, who knows? Anyway, we'll see what happens or doesn't happen.
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