New York's luxury real estate market shows signs of slowdown

StreetEasy | November 05, 2019

Following a rapid expansion of luxury housing in New York City in recent years as developers took advantage of low interest rates, sales of high-end units have begun to slow, worrying stakeholders and raising concern over the health of the economy. In a coveted area along the southern end of the city's Central Park, a number of ultra-luxury buildings have sprung up or are under construction, including the 1,550-foot Central Park Tower, billed as the world's tallest residential skyscraper.

Spotlight

This stunning home features 3 generous bedrooms, and 2.5 bathrooms spread across 2,137 square feet of luxury living space in this spacious 2-story masterpiece.

Spotlight

This stunning home features 3 generous bedrooms, and 2.5 bathrooms spread across 2,137 square feet of luxury living space in this spacious 2-story masterpiece.

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REAL ESTATE TECHNOLOGY

Infutor to Provide Housing and Demographic Data to PropTech Startup ICONYCS

Infutor | May 19, 2021

Infutor, a consumer identity management company, has announced a collaboration with ICONYCS, a housing and demographic analytics PropTech startup. ICONYCS will improve its socio-economic property trend solutions for analysts, risk managers, traders, and public and government service providers with Infutor's comprehensive historical property and Prop estate info. “From the initial concept phase, task one has been to promote homeownership opportunities for any eligible person in the United States,” said David Van Waldick, founder and CEO of ICONYCS and a real estate veteran. We will further segment critical data with Infutor's unparalleled historical property data collection to ensure homeownership is more inclusive in all areas – including lenders' marketing, financing, and allocation decisions – and more people can fulfill the American Dream of homeownership.” Real estate ownership and investment have become a major political, economic, and social problem. End users and strategic collaborators will scan markets nationwide for real estate-centric data points and build intuitive nodes using ICONYCS' socio-economic analytics platform with powerful Microsoft BI reporting functionality. Gary Walter, CEO of Infutor, said, "It's immensely satisfying to collaborate with organizations like ICONYCS who are trying to disrupt markets and increase access to housing inventory for more Americans." “We are honored to be ICONYCS' data partner as they seek to help their clients better understand and access complex socioeconomic housing shifts. Infutor gathers deterministic, authoritative, and permissible data from a variety of sources, including phone data, deed and property information subscription systems, and a variety of other privacy and security-compliant sources. Infutor combines these records into a single identification graph that distinguishes individuals and links them to first-party data. As a result, you'll have a list of unique individual residential backgrounds as well as demographic information. Snowflake's Data Marketplace has the Infutor and ICONYCS data sets. About ICONYCS Residential real estate business priorities are core drivers of political, fiscal, and socially challenging issues, and ICONYCS provides a strategic suite of tools and solutions to market interests in residential real estate. A Socio-Economic Home Ownership analytic system has been designed, developed, and marketed by ICONYCS to end-users and strategic partners. Market analysts, strategic managers, lenders, insurers, economists, the news media, government, and other public and private users will now be able to search nationwide markets down to the state, county, community, neighborhood, and property level, identifying Real estate centric data points and creating intuitive nodes. About Infutor Infutor is a leader in consumer identity management and resolution based on data. The company's sole focus is on allowing brands to have instant access to the most complete and precise information about their customers, right where they need it, so they can make better marketing and risk mitigation decisions. Infutor has been elected to the Inc. 5000 list and named a Best Place to Work by Crain's Chicago and Built-In Chicago in the past year. Infutor is a privately owned firm established in 2003 with Norwest Venture Partners as a strategic investor. The headquarters of Infutor is in Oakbrook Terrace, Illinois.

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INVESTMENTS

Harbor Group International Acquires Workforce Housing Portfolio in North Carolina's Research Triangle

Harbor Group | January 28, 2022

Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced the acquisition of an 8-asset portfolio of workforce housing communities in North Carolina's Research Triangle for $475 million. The Newmark team of Jason Kon, Henry Stimler and Bill Weber represented the seller, Dasmen Residential LLC, and facilitated the debt for the acquisition. Located throughout the Research Triangle, an area known for its research universities and STEM companies, the portfolio comprises 2,356 units and features four communities in Durham, three communities in Raleigh and one community in Charlotte. HGI plans to invest approximately $21.9 million across the properties to renovate 25% of the interior units. Harbor Group Management Company, the property management arm of HGI, will assume management of the entire portfolio. The Research Triangle is an important target market for HGI as we seek to acquire well-located communities in high-growth markets, As the area's high-paying STEM jobs continue to attract new residents, we see opportunity to leverage our expertise in owning and operating similar communities in the region to generate rent growth amid increasing demand for housing." Richard Litton, HGI. We are proud that we were able to bring these two great firms together to do this unique and large off-market transaction. Dasmen entrusted the Newmark team to execute this deal in a very quiet and select manner, culminating in a great outcome for both parties." Kon. The Raleigh-Durham properties within the portfolio have direct access to Research Triangle Park, placing residents in proximity to over 22.5 million square feet of office and lab space and more than 275 businesses. Since 2020, more than 9,000 jobs have been created in the Research Triangle area, driven by the expansion of technology and life science companies, with major employers including Bayer Crop Science, Cisco, Biogen and IBM. Apple's first East Coast campus is currently under development in Research Triangle Park, and is projected to bring an additional 3,000 jobs to the area. HGI is an active investor in the southeastern U.S. markets. With the addition of the Research Triangle portfolio, the firm currently owns and manages nearly 5,000 apartment units in North Carolina. About Harbor Group International Harbor Group International, LLC, and its affiliates control an investment portfolio of $18 billion including 4.9 million square feet of commercial space throughout the United States and the United Kingdom and 60,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv. About Dasmen Residential LLC Dasmen Residential LLC is a privately held real estate investment and management firm that owns and operates multi-family properties in major cities throughout the United States. We make opportunistic investments in growth markets and employ a range of strategies to create value and sustain long term asset appreciation. About Newmark Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.

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REAL ESTATE INVESTMENT

ExchangeRight Fully Subscribes 26-Property, $134 Million Net-Leased Portfolio

ExchangeRight | May 13, 2022

ExchangeRight, one of the nation's leaders in diversified real estate investments and strategies, has fully subscribed its $134 million Net-Leased Portfolio 52 offering, which features 449,424 square feet of retail, medical, banking and pharmacy tenants. The portfolio was structured to generate accelerating investor distributions starting at an annualized rate of 6.00 percent. Net-Leased Portfolio 52 launched with 10-year, fixed-rate interest-only financing at 3.465 percent. The $134,280,000 offering contains 26 single-tenant properties over 15 states ranging from the southwest to the northeast United States. CVS Pharmacy, Dollar General, Walgreens, Tractor Supply Company and Family Dollar stores as well as First Midwest Bank have multiple locations in the portfolio. Dollar Tree, Fresenius Medical Care, Hobby Lobby, Natural Grocers, Octapharma and Sam's Club also have locations in the 100-percent-occupied portfolio. We are pleased that the diversity and size of our newest DST allows us to accommodate the wealth management needs of investors seeking resilient passive income. We are honored by the trust that investors and their representatives and advisors continue to place in us for their wealth management and retirement needs with each offering we fully subscribe. We are proud to provide another ExchangeRight offering intended to produce stable income through economic cycles, defer taxes, preserve wealth and provide a strategic exit for our investors." Warren Thomas, a managing partner at ExchangeRight ExchangeRight and its affiliates' vertically integrated platform features more than $4.9 billion in assets under management, diversified across more than 1,100 properties, more than 20 million square feet and throughout 46 states. More than 6,800 investors have trusted ExchangeRight to manage their capital. All of the company's current and past offerings have met or exceeded targeted cash flow distributions to investors since the company's founding. The past performance of ExchangeRight and its previous offerings does not guarantee future results. About ExchangeRight ExchangeRight pursues its passion to empower people to be secure, free and generous by providing REIT, fund and 1031 DST portfolios that target secure capital, stable income and strategic exits. The company strategically syndicates net-leased portfolios of assets backed primarily by investment-grade corporations that successfully operate in the necessity-based retail and healthcare industries, as well as diversified value-add portfolios of inline and outparcel retail spaces shadow-anchored by strong-performing grocery tenants.

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