Solow Building Launches Luxury NYC Condo Sales

MultiHousing News | May 08, 2018

Solow Building Co. has launched the sales at 685 First Ave. in Midtown East, the company’s first luxury condominium project. The 43-story tower comprises 148 apartments, with prices beginning at $1.5 million. The property offers a sleek design with layered black glass rising 460 feet. The façade creates a balance between dark and light, with a bold exterior highlighted by its bright interior residences. The western façade includes a second glass curtain wall that creates partially enclosed balconies. The tower was designed by Richard Meier & Partners Architects, who also recently designed One Waterline Square, one of three condominium buildings located on Manhattan’s waterfront.

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REAL ESTATE INVESTMENT

Nitya Capital Continues Global Growth, Opens Investment Opportunities for UAE

Nitya Capital | September 26, 2022

Nitya Capital, a U.S. real estate investment firm, announced that it is expanding to the United Arab Emirates (UAE) as part of its continuing global growth strategy. Nitya plans to open an office in January 2023 to grow its investor base and provide opportunities to directly invest in U.S. real estate amid shifting global economies and stock market fluctuations. Following the recent opening of Nitya’s India office in 2020, the expansion to the UAE underscores the increase in global demand for reliable alternative investment opportunities found in U.S. real estate, particularly multifamily. Nitya’s UAE branch plans to reach a newer, locally sourced investor base, specifically family offices, institutions, and high-net-worth investors. “Opening our first branch in the Middle East is an exciting stepping stone in Nitya’s growth, The Middle East is a very important hub for Nitya given our recent successful capital raises in the region, and we can’t wait to offer the best in real estate services to Middle Eastern institutions and high-net-worth investors. I’m very grateful for the love and hospitality I’ve experienced during my many visits to the UAE and it’s an honor to be working with the investment community.” -Swapnil Agarwal, CEO of Nitya Capital Nitya leadership recently executed successful overseas investment deals with one of UAE’s largest institutional groups, as well as attributed meaningful investments with Middle East families in the past. With this expansion, the company will continue the momentum and meet increased demand from local investors who want to explore a new wave of recession-resilient real estate ventures through a direct presence within the region. Nitya’s Middle East Partner and Managing Director for the new UAE location, Rasheed Chahal, will oversee all internal and regional developments across the branch, work with investors on all levels (high-net-worth individuals, family offices, institutions) for U.S. real estate deals as well as help to grow the UAE office. Chahal has more than 15 years of experience in various roles in real estate development, investment management, and capital markets across North American and Middle Eastern regions. Multifamily real estate in the United States remains to be a lucrative investment as it continues to see increase in demand for housing given continued population growth and shortage of supply, despite global economic shifts. We want to bring these investment opportunities directly to the UAE investment community, Our expansion will provide local investors with in-area, on-the-ground representation and can help them take advantage of exceptional real estate opportunities without taking on major risk. With all the uncertainty and rising inflation taking place across national economies, real estate continues to be a powerful hedge and very attractive place to put your money,stated Chahal. Nitya Capital has experienced historic growth since 2020, has partnered with large institutions across North America, explored several successful new student housing portfolios, opened an India office, and increased its total assets under management. The company currently oversees assets in excess of $3b. Overall, it has successfully exited over $2.5b in assets with 25%+ in total generated net returns for its investors since the company’s launch in 2013. Its latest extension into the UAE region marks a substantial diversification in its growth across national waters, allowing for local investors to seize profitable real estate opportunities with safe and stable returns. About Nitya Capital Nitya Capital is a privately-owned national real estate investment firm headquartered in Houston, Texas. As active investor-operators, Nitya Capital takes a disciplined approach across all avenues pre- and post-acquisition. Our team of dedicated professionals works thoroughly to monitor key performance indicators and optimize asset performance, engaging in in-depth market research and data analysis. We additionally provide a thorough due diligence process and a holistic, hands-on asset management model, maximizing our attention to detail on all ends of the spectrum.

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REAL ESTATE TECHNOLOGY

STAIRCASE LAUNCHES LANDMARK CREDIT WATERFALL TECHNOLOGY FOR MORTGAGE LENDERS

STAIRCASE | August 19, 2022

Staircase, the company building an integrated, digital infrastructure to accelerate tech-enabled mortgages, has launched Credit Waterfall, a new application program interface (API) that empowers lenders to streamline originations by providing access to all credit providers serving the mortgage market. Credit Waterfall enables lenders to easily switch between credit providers to get the best pricing every time and to securely share a borrower's credit data throughout their other systems. The new API also lets lenders toggle between soft and hard credit pulls so they are able to better control expenses while protecting their leads from trigger credit pull alerts at other lenders. Currently, most lenders order a borrower's credit through hard-wired connections between a single credit provider and their point-of-sale (POS) system or loan origination system (LOS). This strategy fails to provide lenders with the best credit option for a particular scenario and prevents them from sharing a borrower's credit data with their other systems which drive up costs. "Pulling a borrower's credit to determine their eligibility for a loan is an essential part of the mortgage process, but also one of the largest sources of lender costs, With Credit Waterfall, lenders now have the full breadth of choices when it comes to pulling a borrower's credit, with the best possible option chosen every single time, automatically. There's nothing else on the market like it." -Soofi Safavi, Staircase cofounder and CTO Most lenders are struggling to reduce expenses, especially given today's tight housing market, Yet, they are typically hamstrung by poor technology integrations and lack of credit options when qualifying borrowers. By performing a soft pull on a borrower's credit, Credit Waterfall enables lenders to check a borrower's credit earlier in the application process without tipping off competitors that their customer is in the market for financing,said Staircase CEO and cofounder Adam Kalamchi. Credit Waterfall is available through Staircase's low-code credit API, which allows lenders to switch from their current credit provider in just minutes. With Credit Waterfall, lenders are only charged $1 to access any given credit provider. For $2, they can create a credit "waterfall," which uses dynamic business logic to choose the best solution from multiple credit providers. In less than a month, Credit Waterfall develops a logical sequence to provide lenders with the optimal credit workflow for their organization's needs. Lenders pay nothing if Credit Waterfall does not return any results. Our customers on average reduce their credit expense by 33% right away and realize further savings with just a few weeks of fine tuning, Kalamchi said. Beyond Credit Waterfall, Staircase's unique waterfall technology has numerous applications, enabling lenders and servicers to create automated, integrated loan processing workflows using the optimum service partner or partners. If a partner does provide adequate results, Staircase automatically goes to other partners in waterfall fashion until the process is complete. About Staircase Staircase is an API and low-code marketplace which automates complex technologies and makes them self-serve for the U.S. residential mortgage industry. Focused on providing automation for complicated mortgage functions, it allows for the integration and orchestration of all U.S. mortgage industry technology providers and enables all parties throughout mortgage origination, insurance, and servicing to easily communicate with zero friction. Staircase is based in Philadelphia, with employees in over 20 countries.

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REAL ESTATE INVESTMENT

Coastal Ridge Real Estate to Develop Build-for-Rent Community in Central Ohio

Coastal Ridge Real Estate | September 01, 2022

Columbus, Ohio – Coastal Ridge Real Estate (Coastal Ridge) a national multifamily investment, management, and development firm, announced today that they are continuing the expansion of their Stillwell brand with a new project in Central Ohio. The firm will build 230 build-for-rent (BFR) homes at Jerome Village, a master-planned community developed by Nationwide Realty Investors. Jerome Village boasts a wide range of housing styles and options to support Central Ohio’s growing population and housing needs. The community includes over 700-acres of parks, and green space with a network of walking and nature trails connecting to Glacier Ridge Metro Park. “The Stillwell brand compliments the lifestyle offered at Jerome Village, We’re enthusiastic about our partnership with Jerome Village and Hallstatt Real Estate Partners on this project and look forward to welcoming our first set of residents to our community in 2023.” -Jerimi Nuckolls, Director of Development at Coastal Ridge Coastal Ridge launched the Stillwell brand earlier this year with Stillwell Wellen Park and Stillwell Avery Centre, BFR projects in Sarasota, Florida and Round Rock, Texas, respectively. We’ve looked forward to the day when we could announce the Stillwell brand would be coming to the Central Ohio community, With so many of our Coastal Ridge team members located in Central Ohio and our corporate headquarters located in downtown Columbus, this project is of particular importance to our organization and development team,said Andy Lallathin, Co-Founder and Managing Partner at Coastal Ridge. Stillwell Jerome is being developed in a joint venture partnership with Halstatt Real Estate Partners and Coastal Ridge, with Columbus-based, Hallmark Construction serving as the contractor. Stillwell Jerome will be located within the Fairbanks School District and will feature one-, two-, and three-bedroom homes with first-floor private entries and individual backyards. Residents will have onsite access to a resort-style pool, state-of-the-art clubhouse, walking trails, outdoor seating areas, and a fitness center. About Coastal Ridge Real Estate Headquartered in Columbus, OH, Coastal Ridge Real Estate is a full-service real estate investment and property management firm executing on core, core plus, value add, and ground-up development investment strategies in the multifamily real estate asset class. The firm's vertically integrated platform includes divisions to oversee investment management, property management, and development. Coastal Ridge's current portfolio is comprised of 35,000+ conventional apartment homes and student housing beds spanning 53 distinct markets, with assets under management totaling over $4 billion. Coastal Ridge has been recognized as an Inc. 5000 Fastest-Growing Private Companies in America five times. About Stillwell Created by Coastal Ridge, Stillwell is an innovative multifamily housing concept within the build-for-rent sector. This innovative product known as a Horizontal Apartment or Cottage Community consists of free-standing one- and two-story single-family residential homes with private yards, utilizing shared parking similar to a typical garden apartment layout, and featuring programmed amenities. This product offers a new option for residential living, providing the privacy of a single-family home, and the amenities, professional management, and ease of living of a traditional apartment community. About Halstatt Real Estate Partners Halstatt Real Estate Partners (HREP), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1 billion in Southeast based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP invests in middle market, value add and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds with a history of continuity.

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REAL ESTATE INVESTMENT

MYSA Estate Property Management Selects Yardi Cloud Platform

MYSA and Yardi | August 16, 2022

MYSA, a subsidiary of Pearl Investment LLC, has chosen the Yardi® platform to enhance its end-to-end real estate operations from prospect nurturing to financial management. The company will utilise solutions from Yardi's Residential Suite; including Voyager for property management and accounting and RentCafe CRM which will digitise their entire leasing journey from lead to lease. Tenant services will be enhanced via a resident self-serve portal for payments and maintenance requests and a landlord dashboard will provide instant insight in relation to the business's most important KPI's. "Yardi's all-in-one solution will enable us to oversee the management of our portfolio through a single platform, By implementing the cloud-based technology, we will be able to streamline the end-to-end process, access better insights and provide an enhanced service to our tenants." -Sajjad Kalam, managing director for MYSA Estate Property Management Yardi technology will help digitise operations, simplify processes, automate complexities and help future growth, We're excited to work with MYSA and are delighted that Yardi continues to further help companies with their real estate digitisation strategies across the Middle East,said Neal Gemassmer, vice president of international for Yardi. About MYSA Estate Property Management LLC MYSA, a subsidiary of Pearl Investment LLC, develops property management solutions for residential, commercial, hospitality and mall management. The company is passionate about creating the right space for its clients, building bespoke worlds. MYSA is the property management division of Flora Hospitality. For more information, please visit mysaestate.com. About Yardi Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. With 8,000 employees, Yardi is working with clients globally to drive significant innovation in the real estate industry.

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Spotlight

Whether you’re interested in buying or selling a home, there is no bigger decision than choosing the person who will represent you during the transaction. A qualified, competent agent makes all the difference by helping you navigate the many decisions that arise when buying or selling a home.

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