Keen-Summit Capital Partners LLC on LinkedIn: 🏢 FOR SALE: Prime Mixed-Use Property in Brooklyn, NY Keen-Summit Capital… (2024)

“The number of new apartments starting development has fallen dramatically this year, a consequence of higher interest rates, declining rents and what in some places looks like overbuilding,” writes Will Parker in a recent Wall Street Journal article. “Falling starts come on the heels of record apartment construction across the U.S. More rental buildings are expected to open this year and next than at any time since the 1980s, according to some forecasts.”Read the full article on Wall Street Journal: https://on.wsj.com/3ZKCjzq.

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Discussing the possible impact of Prop C in San FranciscoHi, I'm Jonathan Deason with Vanguard Properties. As many of you know, a few weeks ago our city passed Prop C. This waives the city transfer tax for office to residential conversions. Many people are wondering what effect this is gonna have on condo availability and pricing - the short answer is, not much. Most people don't understand is that in most cases the costs associated with the conversion from office to housing is prohibitive. Building codes for residential housing are complex. But suffice it to say that bedrooms need more air, light, egress and other safety measures than office space requires. Most builders will flat out tell you that it's cheaper to knock down an old office building and be rebuild it with a new residential tower then to accomplish such a conversion. So the ballot measure nice gesture, but it's unlikely to affect new housing being built in the future. Follow me for more real estate FAQs on San Francisco.The Deason Real Estate GroupTop 1% Nationwide Team w/ $450MM+ in Home Saleswww.DeasonGroup.comDeasonGroup@VanguardSF.comDRE# 01802544 | DRE# 02063685 | DRE# 02067837#JonathanDeasonESQ #AlanMartinez #NicholasSpangler #DeasonGroup #RealEstate #SanFrancisco #SFRealEstate #VanguardProperties #OverFourHundredMillionPlusInHomeSales #FourHundredFiftyMillion #HomeSales #DeasonGroupDotCom #Buy #Sell #Clients #DreamHome #PropC #City #TransferTax #Office #Residential #Conversions #Discusion #SF #RealEstateFAQs

Brick & Timber Collective says it’s poised to make a $500 million bet on offices in San Francisco. The San Francisco-based investor plans to spend hundreds of millions to buy “struggling” commercial buildings and fix them up, based on the conviction that tech growth will generate demand for well-positioned and attractive offices.“There are still a lot of strong, innovative companies in San Francisco that still want offices … it’s still one of the world’s great cities,” Feldman, a partner at the firm said.“Office buildings will continue to sell at new, far lower prices, which will allow the owners to let these (buildings) fill with companies again, and then office rent growth will slowly increase over time. This is the most likely outcome for the Financial District.”Shalini Sadda / Luxury Property Specialist / Dre#: 02004797#luxurylifestyle #luxuryhouses #luxuryrealestate #investment #realestate #home #realestateagent #investment #realtorlife #design #realtors #realestateinvestor #broker #property #properties #rentals #sanfrancisco #lovewhereyoulive

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Interest rates followed closely by construction costs have been the largest contributor to a stall in development in Markets like Westfield.The developers and owners can not make the numbers work at a reasonable lease rate and tenants can only absorb so much of the increases.Until we have a little smidge of a correction, we will continue to see well located land sit idle.#cre #realestate #developmentground #westfieldindiana

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ABS Partners Real Estate has set its sights on redeveloping a nearly 100-year-old rent-regulated building on the Upper West Side of Manhattan. Recently, the firm filed plans with the Department of Buildings to demolish the 7-story multifamily property at 2560 Broadway, near the West 96th Street subway stop. Known as The Ancott, this 53,000-square-foot structure includes 27 residential units and 7,500 square feet of retail space, two of which remain occupied. Despite the building's rent-regulated status, many units have shifted to market-rate pricing in recent years, with a 3-bedroom fetching $6,000 per month in October 2020 and a 2-bedroom going for $4,000 in May 2021.ABS Partners Real Estate, a major player in the Manhattan real estate market, has a portfolio boasting 102 properties across 11 states, totaling over 14 million square feet. Their notable Manhattan assets include 200 Park Ave. South at Union Square, 270 Madison Ave. in Midtown, and the boutique office building at 145 E. 57th St. The firm has a history of converting rent-regulated buildings to market-rate units, often through strategic redevelopment projects.ABS Partners' track record reflects a broader trend among developers to capitalize on prime locations by transforming older, rent-regulated buildings. This practice, while lucrative, often sparks debate around affordable housing and tenant displacement. The plans for 2560 Broadway remain under wraps as the company has declined to comment on the future of the site.#RealEstateDevelopment #ManhattanRealEstate #UpperWestSide #ABSPartners #AffordableHousing #RentRegulation #UrbanDevelopment #NYCRealEstate #PropertyManagement #RealEstateInvestinghttps://lnkd.in/edBih9wA

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Rental rates and construction deliveries are trending up in San Diego's multifamily market: https://lnkd.in/dDB_VWQbRead more about top trends for industrial, office, multifamily, and retail sectors in our 4Q 2023 San Diego Commercial Real Estate Market Reports in the link above.#CRE #SanDiegoCRE #MarketTrends #OfficeCRE #IndustrialCRE #RetailCRE #Multifamily #SanDiego #KMresearch #KidderMathews

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What is the meaning of commercial real estate? Commercial property is defined as property used for business purposes rather than living space. This includes offices, industrial units, rentals and retail. #realestate #westmorelandparalegal #titleinsurance #closings

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Record-level construction activity continues to drive the Phoenix industrial market, with deliveries totaling 11.6M SF in 2Q24 alone: https://lnkd.in/gjkRsUKA Read more about top trends for industrial, office, multifamily, and retail sectors in the 2Q 2024 Phoenix Commercial Real Estate Market Reports from Kidder Mathews Research. #CRE #CommercialRealEstate #Phoenix #MarketTrends #IndustrialCRE #OfficeCRE #RetailCRE #Multifamily #KMresearch #KidderMathews

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SALE Learn More: https://lnkd.in/gNBpvfJfIMAGE: Robert Bellinger & Michael Shenouda DATE: 05/03/2024ADDRESS: 118 South Clinton StreetMARKET: ChicagoASSET TYPE: OfficeBUYER: Michael Shenouda - Honore Properties SELLER: Robert Bellinger - ASB Real Estate Investments SALE PRICE: $4,800,000SF: 72,000 ~ PPSF: $67NOTE: Honore Properties, led by founder Michael Shenouda, purchased a West Loop office building at 118 South Clinton Street for $4.8 million in cash, aiming to convert the 72,000-square-foot, seven-story structure into 70 apartments. This move reflects a trend among developers in downtown Chicago, where the demand for apartments is high and there is surplus aging office space, aligning with Mayor Brandon Johnson's plans to provide taxpayer subsidies for residential conversions in the area, potentially resulting in 1,000 new apartments. Shenouda noted that the building's layout, featuring central elevators, stairwells, and ample natural light, makes it well-suited for residential conversion without the need for subsidies, although Honore will need to secure a construction loan and relocate existing commercial tenants with expiring leases.#Chicago #RealEstate #TradedChicago #Office #RobertBellinger #ASBRealEstateInvestments #MichaelShenouda #HonoreProperties

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New apartment supply is on the rise, with around 1.4 million units expected to be delivered nationally in 2024, according to John Burns Research and Consulting. The real estate consulting firm analyzed metropolitan areas currently undergoing construction of new apartments along with recent deliveries to find the top five cities leading in apartment development. The top five metropolitan areas delivering the most new apartments in 2024 are Dallas, Phoenix, New York, Austin, and Atlanta. Dallas leads the pack with over 75,200 units, followed by Phoenix with over 68,300 units, and New York with over 63,800 units.While construction is expected to peak by 2025, prepare for both short-term influx and long-term supply shortage. Read John Burns Research and Consulting's full report to learn more about how to ride the apartment supply wave: https://lnkd.in/e23cGArS

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