VTS raises $55M in Series C at $200M valuation Cloud-based CRE platform scores one of the biggest-ever venture rounds in real estate tech
In one of commercial real estate technology’s biggest-ever fundraising efforts, VTS raised $55 million in a Series C round led by Insight Venture Partners. The round values the cloud-based leasing and portfolio mana阿爱上海同城 gement platform at about $200 million, sources familiar with VTS told The Real Deal, and makes it one of the industry’s richest startups.
“This is not a consumer market play. It’s a vertical fast play,” said Ryan Masiello, VTS’ chief revenue officer and co-founder, referring to the winner-take-all environment that enterprise software companies operate in. “To successfully raise a Series C, it’s really, really hard,” and needs investors to see a track record of revenue growth and market dominance, he added.
Insiders said the firm is looking at a 2016 revenue target of $14 million, primarily in the form of subscription fees. Clients include some of the city’s biggest landlords, such as SL Green Realty and RXR Realty, brokerages such as CBRE and JLL, and real estate investors such as LaSalle Investment Management.
VTS will use the new capital for product development and customer support, according to CEO Nick Romito, and the funds can also serve as a war chest for acquiring competitors down the road.
The round, Romito said, was about “finding the right partners who are going to support the vision come hell or high water.” Insight,[……]Read More
Exte爱上海同城对对碰 ll lands $143M Bank of the Ozarks上海千花网龙凤论坛 refi for Midtown阿拉爱上海同城 project Developer plans 29-story residential building
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These are Brooklyn’s 10 biggest brokerages by agent count Corcoran Group topped the list for the second consecutive yea上海贵族宝贝 r
From left: Frank Percesepe, Aleksandra Scepanovic, John Reinhardt and Gary Malin
The biggest real estate firms in Brooklyn represent a mix of Manhattan s top players, franchises of international agencies, and lesser-known independent firms rooted in the borough, according to data from the New York Department of State.
As of May 30, Corcoran Group again topped the list as the largest brokerage in Brooklyn with 419 registered agents. Franchise firm Exit Realty took home the number two spot with 342 agents spread across eight different offices, while Fillmore Real Estate, which was founded in 1966 and is the largest privately owned firm in Brooklyn, came in at number three with 287 agents spread across five offices. Douglas Elliman and Citi Habitats rounded out the top five with 250 and 222 agents, respectively.
Although the number of Brooklyn agents at Corcoran, Fillmore and Douglas Elliman has stayed relatively consistent over the past year, Exit Realty and Citi Habitats both saw significant increases of more than 50 agents.
Gary Mali阿爱上海同城 n, president of Citi Habitats, said his company has expanded from zero to four offices in Brooklyn over about 18 months. The firm which acquired Dave Maundrell s Aptsandlofts.com in late 2015 is in Williamsburg, Cobble Hill, Greenpoint and Bedford-Stuyvesant, and plans to expand further in Brooklyn.
“Naturally, people a[……]Read More
Former State Assembly speaker Sheldon Silver has successfully appealed his corruption conviction — and that’s a double-edged sword for New York real estate
Sheldon Silver (credit: Getty Images)
The recent overturning of Sheldon Silver’s 2015 corruption conviction raises key questions for both the real estate industry and those who police it: Do landlords and developers have clearer guidelines on what counts as corruption, or will heightened scrutiny and a likely retrial only bring more of them into the witness box?
Although the former State Assembly speaker was sentenced to 12 years in prison for schemes involving real estate developers, he was spared last month by a Supreme Court decision that cleared former Virginia Governor Bob McDonnell of corruption charges i上海贵族宝贝论坛 n 2016 — a ruling that redefined what could be considered an official act by a politician.
The appeals court judges who overturned Silver’s conviction did not label any of the evidence presented in his case erroneous. They did rule, however, that had the jury been properly instructed on what now defines such official acts, it may not have decided that Silver was guilty.
For New York real estate players, who rank among the most active lobbyists in New York State politics, it’s welcome news that certain pleasantries exchanged with key politicians may not get construed as corruption in court.
“Real estate is to New York what oil is to Saudi Arabia,” said Kenneth Fisher, a real estate and government relations atto[……]Read More
Braving the flipstorm: Why resellers face long odds in turning a profit at new-dev condos A product glut & slower sellouts are causing issues for private sellers
Illustration by Lexi Pilgrim for The Real Deal
When a condominium owner at Extell Development’s One57 approaches broker Robert Dankner about selling, these days he tells them all the same thing.
Don’t do it.
“I talk myself out of a potential commission, but it’s good advice… there’s no way for a graceful exit right now,” the Prime Manhattan Realty president said. He advises clients that, unless they want sell at a loss, they should stick to renting their One57 pads out.
“A lot of investors have to realize… to make a profit in a flip in new construction you need a price acceleration of at least 10 percent to even make a scratch,” he said.
But that sector of the market has not accelerated by 10 percent. Condo buyers are signing contracts at high-end new developments at 15 to 20 percent lower than they were in the peak of the luxury market in 2014, according to estimates from appraisal firm Miller Samuel. Anyone who bought a luxury condo two or three years ago and is now trying to sell is faced with falling prices and a glut of new product 爱上海同城论坛 that, in Manhattan, is still growing.
That not-so-perfect storm, sources said, is pushing those sellers into a challenging position. And in some cases, it’s forced them to list their apartments for even lower than what they paid, openly advertising they’re willing to take a hit.[……]Read More
This townhouse just set a Central Harlem price record Bruce and Holly Brittain purchased Lenox Ave property for $825K in 2010
208 Lenox Avenue
The latest sign of a real estate boom in Harlem? A record-setting townhouse sale.
A Queen Anne-style townhouse at 208 Lenox Avenue has sold for $4.59 million, setting a record for Central Harlem, according to the Wall Street Journal. The sale was also the second most expensive for a townhouse throughout all of Harlem.
Bruce and Holly Brittain bought the b上海贵族宝贝交流区 uilding in 2010 for $825,000 and rebuilt it themselves. Holly, a licensed architect and associate broker with Rutenberg NYC, also designed the restoration and listed and sold the house herself.
The renovations included restoring the façade, adding a rear balcony and roof deck, installing new floors and installing wood-framed windows. The Journal identified the buyer only as an investor.
Harlem had a strong 2017, setting records at one-to-four-family townhouses for price per square foot, average price (just ov爱上海 er $3 million) and median price ($2.44 million).
Additionally, a penthouse at the northwest corner of Central Park sold for $7.24 million at the end of November, which was the highest pri上海夜网论坛 ce paid for a Harlem condo since 2008, and a townhouse at 2001 Fifth Avenue rented for $21,815 per month earlier this year, which sources said set a record for the neighborhood. [WSJ] – Eddie Small
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B上海夜网 en Carson (Credit: Gage Skidmore via Flickr)
Department of Housing and Urban Development Secretary Ben Carson canceled the order of a $31,000 taxpayer-funded dining set for his office amid widespread criticism. He also appeared to acknowledge that his wife, Candy Carson, played a big role redecorating his office.
My wife also looked at catalogs and wanted to be sure that the color of the chair fabric of any set that was chosen matched the rest of上海千花网交友 the decor, he wrote in a statement to CNN. I made it known that I was not happy about the prices being charged and that my preference would be to find something more reasonable.”
Carson also claimed he was “as surprised as anyone to find out that a $31,000 dining set had been ordered.
According to CNN, House Oversight Committee chair Trey Gowdy asked HUD for records about office furnit爱上海同城论坛 ure expenses going back until early 2017.
The New York Times previously reported that the purchase wasn’t cleared with the committee, which is supposed to sign off on office furnishing expenses over $5,000. A senior HUD official claimed she was demoted last year after she refused requests to sidestep the $5,000 rule.
Carson has advocated cutting funding for some HUD programs and famously warned against making public housing “too comfortable.” [CNN] Konrad Putzier
Tags: ben carson, Politics, U.S. Department of[……]Read More
Comptroller s report blaming Airbnb for higher rents is wrong, unpaid for: data provider AirDNA says Scott Stringer’s report was based on an incorrect interpretation of their data
From left: NYC comptroller Scott Stringer, Airbnb CEO Brian Chesky. (Credit: Ianqui Doodle/Wikimedia Commons; GES)
The backlash against New York City comptroller Scott Stringer came swiftly.
First, predictably, from Airbnb, but then independent data provider AirDNA, which tracks the company, called Stringer s entire report into question.
The report s overarching finding was that Airbnb s operations in New York increases rents. According to the comptroller, between 2009 and 2016 rents across the city went up by about 9.2 percent due to Airbnb s rental business, which the report noted was equivalent to about $616 million in 2016 alone.
AirDNA says the underpinning methodology behind the report is flawed due to Stringer s inclusion of every listing, active or not, in his calculations; his inclusion of all types of properties regardless of whether it s a room or an entire apartment for rent; and, finally, the company says the comptroller didn t account for the length of time properties were rented for some properties are routinely rented seasonally, while others are rented all year-round.
If these factors were taken into account, AirDNA reports that half of New York City s Airbnb listings are for private rooms and 65 percent of hosts manage only one listing. Under those conditions, the data provider s CEO Sc[……]Read More
Former Cushman executive assails “old boys network” in $30M discrimination lawsuit “The old boys’ network behaviors will no longer be tolerated,” attorney says
Nicole Urquhart-Bradley (Credit: Twitter, and iStock)
A former executive at Cushman Wakefield said the brokerage regularly paraded her around as an ambassador for diversity at the firm, but behind the scenes the company culture is one of sexism and racism.
Nicole Urquhart-Bradley, an African American woman, cla上海千花网龙凤论坛 ims her career was held back at Cushman — and she was ultimately fired from the company — due to her race and gender, according to a discrimination lawsuit she filed Tuesday in Washington, D.C. federal court.
“In the age of MeToo, Cushman Wakefield is facing a new world, where the old boys’ network behaviors will no longer be tolerated,” said David Sanford, the attorney representing Urquhart-Bradley. “The commercial real estate industry has a long-standing reputation for devaluing women; it’s time they recognize that these behaviors cannot continue.”
A spokesperson for Cushman said the company does not comment on ongoing litigation.
Urquhart-Bradley — who worked out of the brokerage’s D.C. office and was head of the Valuation and Advisory department for the United States since 2010 — said she was one of only two female service-line leaders at Cushman.
She said that when the president of Global V A, John Busi, left to start a competing division at Newmark Knight Frank in 2016, she was tasked with fending off a[……]Read More
British toy store Hamleys close to inking 15-year lease at 2 Herald Square Store would occupy about 30K sf in the building
Hamleys in London (Credit: Getty Images)
The British toy store Hamleys is close to opening its first store in the U.S. at SL Green’s 2 Heral上海龙凤论坛sh1f d Square.
The 258-year-old toy seller would lease about 30,000 square feet 爱上海同城论坛 in the building, according to Commercial Observer. This would be split between about 11,000 square feet at grade, 15,000 square feet on the second floor and 4,000 square feet in the basement.
The deal is likely to close at the beginning of 2019, and the store would then open at the beginning of 2020. Hamleys would have a 15-year lease, and the asking rent is $8 million per year.
Meanwh阿爱上海同城 ile, other toy retailers have struggled. Toys “R” Us declared bankruptcy earlier this year and is selling off its portfolio, although a group of stakeh爱上海同城对对碰 olders in the company are working on a plan to relaunch the bran爱上海同城论坛 d as a toy wholesaler. Famed New York toy store FAO Schwarz just reopened a store at Rockefeller Center. [CO] – Eddie Small
Tags: 2 herald square, Commercial Real Estate, Retail Real Estate, sl green
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