Billionaire Steven Cohen’s $33.5M Manhattan Triplex Is Truly a Work of Art

Scott Eells/Bloomberg via Getty Images; Christie’s International Real Estate

It isn’t just the $33.5 million price tag that puts billionaire Steven Cohen‘s Manhattan mansion in a class of its own. Located in The Abingdon, the home is a palace in the center of New York City’s West Village, designed specifically to showcase priceless works of art. The art is so valuable that in the photos of the triplex, the listing blurs out exactly what’s currently hanging on Cohen’s walls.

The Abingdon was built in 1906 and designed by architect Ralph S. Townsend. In 2013, it was given new life and converted into a boutique building, with about 10 large residences. Cohen’s luxurious unit, with five bedrooms and 9,600 square feet, includes a 1,200-square foot main bedroom suite.

Everything about the residence is larger than life, from the foyer, featuring 30-foot ceilings and a Carrara marble staircase, to the gallery walls, for displaying significant artwork with museum-quality lighting.

There’s also an entire parlor floor for entertaining and large windows throughout, framing incredible views of the West Village. Other high-end amenities include a guest suite, recreation room, private gym, laundry room, and library.

In addition to top-notch security, the home is outfitted with blackout shades and direct elevator access to each of the home’s three stories.

The Abingdon

Christie’s International Real Estate

Foyer

Christie’s International Real Estate

Living room

Christie’s International Real Estate

Dining area

Christie’s International Real Estate

Gallery space

Christie’s International Real Estate

Kitchen

Christie’s International Real Estate

Main suite

Christie’s International Real Estate

Main bathroom

Christie’s International Real Estate

Closet

Christie’s International Real Estate

Cohen is a hedge-fund manager worth a staggering $13 billion, according to Forbes’ most recent accounting. With his fortune, he and his wife, Alexandra, have amassed an art collection worth an estimated $1 billion, including pieces by artists from Pablo Picasso and Jasper Johns to Andy Warhol.

Cohen owns an equally impressive real estate portfolio. His Hamptons holdings include a $62.5 million beach house he bought and tore down. He also has a massive 35,000-square-foot Connecticut mansion that includes a main house, a neighboring home, a two-hole golf course, ice-skating rink, indoor basketball court, and indoor pool enclosed in glass.

Turns out this spectacular space isn’t even Cohen’s fanciest address. And while he waits to cut a deal, the rest of us can gaze on the photos of this landmark property and daydream about a life surrounded by this level of beauty and luxury right in the heart of Manhattan.

The post Billionaire Steven Cohen’s $33.5M Manhattan Triplex Is Truly a Work of Art appeared first on Real Estate News & Insights | realtor.com®.

Billionaire Steven Cohen’s $33.5M Manhattan Triplex Is Truly a Work of Art syndicated from Real Estate News & Insights | realtor.com®News – Real Estate News & Insights | realtor.com®

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Coworking Concepts In Houston Gain A Luxury Space

Austin-based Firmspace is nearing completion of its high-end coworking location in Houston, designed by Page.Courtesy of Firmspace

Houston’s coworking properties represent a small, diversifying slice of the metro office market as a plethora of players deliver their concepts of flexible work space.

Among the latest providers to enter the market is Firmspace, based in Austin. Its luxury-end, security- and services-minded iteration targets established professionals and small firms  – rather than creatives and startups, though it will have kombucha tea on tap in the break room.

The three-year-old company launched its second location, in Denver, a year ago and has plans to roll out flex-space facilities in another half-dozen U.S. markets, ultimately enabling access reciprocity for members who travel.

In announcing the $5.5 million project, which is welcoming its first tenants (a mix representing oil and gas, private equity, legal and real estate) later this month, company founder and CEO Matt Ferstler said the launch in Houston serves an unmet need within the city’s current coworking market and is “unlike anything we’ve ever done.”

The upscale facility joins Houston’s increasing footprint of flexible office space, which JLL recently pegged at 3.1 million square feet, about 1.9 percent of the office market’s total 168 million square feet, in its industry assessment, “Flexing Their Muscles: Markets to Watch in 2019.”

Plush and private

In Houston, Firmspace’s 32,000-square-foot space is located within the BBVA Compass Plaza office tower in Uptown Houston, the city’s second largest employment center.

As buildout wraps up, a tour showcased what the cushy concept is (service-, privacy- and security-minded) and isn’t (a room full of communal tables).

Its large reception area – featuring a dramatic glass-sided staircase and a living wall of petrified reindeer moss that doubles as a sound-absorbing sponge – accommodates a concierge station intended to field a host of business and hospitality services.

It’s a lobby both clubby and lofty, suitable for after-hours professional networking and social events. Glass-walled offices, conference rooms and collaborative spaces flank wider-than-typical  passageways. So, for users standing, walking or convening on site, the axis of access delivers uninterrupted views of Uptown Houston’s main boulevard and skyline.

For privacy, however, frosted panels blur offices and doors from knee- to forehead-height. And sound mitigation systems (including the reindeer moss wall in the reception area) temper the volume of any collaborative exuberance.

“It’s like traditional executive suites, but better,” Ferstler noted on the tour.

Raised in Houston, he wanted his growing company’s third outpost to be spot on in terms of its presence, its user services during the work day and after hours, and its energy capital vibe.

Each of the locations, whether completed or in the chute, channels the nuances of its host city’s business culture, Ferstler said.

In terms of design for the Houston venue, for example, “We drew our inspiration from curves and fractal shapes found within a geode stone for texture and natural rock formations for the color palette,” Page Design director Jen Bussinger said in the project’s announcement.

More to come

Houston ranks fourth nationally in current total square feet of existing flexible space, according to JLL’s market assessment, which incorporated coworking spaces, incubators and other short-term space options in 40 markets.

With the local economy continuing to diversity and major investments attracting more technology, life sciences and bio-tech companies, an increased emphasis on innovation will increase demand for flexible work space, said Beau Bellow, JLL Houston senior vice president.

From the supply side, with the rise in flexible space offerings, “office users now have more options than ever before,” noted Russell Hodges, managing director, JLL Houston agency leasing team. “Though coworking will never fully replace traditional occupier solutions, the concepts and best practices are clearly filling a void in the marketplace.

“Landlords are actually learning a lot from some of the more successful coworking operators, which is causing those landlords to completely rethink common area spaces, amenities and hospitality offerings.”

On the national level, the research report determined flexible work space is “not a passing trend.” Flexible space options have grown at an annual rate of 23 percent since 2010. In 2018, it accounted for nearly two-thirds of the occupancy gains nationally. And by 2030, it could comprise about a third of the market, compared to 5 percent today.

Although some markets are better positioned for rapid growth, there’s “significant runway” for expansion across all U.S. office markets,” said Scott Homa, JLL senior vice president and director of U.S. Office Research in the report summary. “We also expect to see continued disruption of the traditional lease model as investors, occupiers and operators come to terms with a new—more flexible—way of business.”

The report projected top U.S. markets primed for continued flex space growth: New York City ranked first, followed by San Francisco, Silicon Valley, Austin, Boston, Northern Virginia, Washington, D.C., Seattle, Denver and Los Angeles (Westside).

 

Coworking Concepts In Houston Gain A Luxury Space syndicated from Forbes – Real Estate

Crack Open The Vault With 5 REITs Yielding 7% Plus

Cash Money safe deposit box isolated on whiteGetty

The other day, I introduced you to a handful of investments that generate 6% income in the Real Estate sector… from five publicly-traded Real Estate Investment Trusts (REITs).

No, these are not those K-1 thingy’s you have to wait for, and delay filing your tax return, or make you wait to get a refund.

Nope. These… are some of the battle-tested, portfolio-worthy, income-paying investments whose dividends hit your account every quarter. Some even can deliver the cash (or reinvest) every month – and I’ll share about one of those monthly-payers, today…

Please recall that REITs, by law, under an act of Congress (circa 1960), must distribute most of their taxable income (at least 90%), paid out directly to investors, in the form of dividends. That’s a nice way to participate in profits and returns, when owning Real Estate.

So, let’s crack open the vault and find some REITs that can “show you the money” – at a level of 7% and more.

(To whet your appetite, we’ll reach for “Great 8s” – commendable REIT investments, paying 8% plus… in an upcoming article.)

But for today, let’s get you thinking about these five players, and how they might fit into your portfolio.

Reminder: as editor of Forbes Real Estate Investor, with over three decades of real-world real estate experience as a developer, landlord, investor, analyst, and writer, I enjoy applying my experience, education, and hard won lessons, to confidently offer these recommendations. Of course, you shouldn’t bypass your own due diligence, to discover how these might work for you…

(Note: the market in general has been enjoying a run-up in 2019, so in some instances, valuations may be a tad richer when buying at today’s levels. Newsletter readers can consult our Intelligent REIT Investor Lab, for our Current Value price recommendations.)

Outfront Media, Inc. (OUT) connects brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile advertising and outreach assets in North America. The company is also implementing digital technology to enhance the ways advertisers engage people on-the-go. Q3-18 AFFO (adjusted funds from operations) came to $86.4 million (an increase of 10.5% over the same prior-year period), from increased local advertising revenues, a return to growth in national client spending, and double-digit increases in its revenue from digital products.

Reported billboard revenues increased 6.7%; transit and other revenues increased 3.0% due to growth in digital transit displays. Clients include the New York Metropolitan Transportation Authority. We currently recommend OUT as a STRONG BUY; not surprising – just before Christmas, its share price hit a 52-week low. The current dividend yields 6.74% (as of Friday’s close).

Blackstone Mortgage Trust, Inc. (BXMT) primarily originates and purchases senior mortgage loans collateralized by properties in the U.S. and Europe. The company is managed by Blackstone (BX), a private equity world leader in alternative assets with nearly $472 billion in assets under management (AUM); of that, $136 billion AUM is within the real estate sector. Blackstone’s dominant platform in equity and debt provides valuable real-time proprietary market data that enables them to identify mispriced and/or out-of-favor asset classes more rapidly than competitors; and BXMT’s relationship with “big brother” Blackstone Real Estate offers the commercial mortgage REIT thorough access to proprietary deal flow, and property and market information.

This week’s Q4-18 and Full-Year results showed BXMT grew the portfolio 42% in 2018 to a record $15.8 billion, with $10.7 billion in originations during the year (52 loans), and generating $2.90 of Core Earnings per share. Their Loan-to-Value averages 62%; and 96% of loans are floating rate, LIBOR-based, insulated from the valuation impact of rising rates. Credit facilities are also LIBOR-indexed, and match fund assets. Blackstone Mortgage’s portfolio credit quality remains high, and I like having a piece of many trophy assets around the globe. BXMT is a BUY, with a dividend yield of 7.39%.

Vereit Inc. (VER) is a net lease REIT poised to profit. About a year ago, the company sold Cole Capital, its non-traded REIT business, to an affiliate of CIM Group. Significant, because it eliminated some of the complexity overhang surrounding the company’s competing businesses, and thus simplified its core business model – to focus on its large, diversified single-tenant real estate portfolio. VEREIT owns about 4,000 free-standing buildings, totaling $15.5 billion in assets, leased to a variety of retail, restaurant, office, and industrial tenants. The company is internally-managed with a structure that provides stable and predictable rent stream payments. VEREIT’s other lawsuits have been dissipating, and the company has substantial liquidity to use for settlements, and to reduce debt.

This week, VEREIT settled with additional shareholders who’d opted out of the remaining class action lawsuit, having to do with restated financial statements from 3 to 4 years ago. Investors however, can benefit, as VEREIT shares are trading substantially below its bellwether peers, such as Realty Income (O), National Retail Properties (NNN), and W.P. Carey (WPC). Investors can take further comfort that VEREIT’s dividend is well-covered by AFFO (76% payout ratio), with a solid 6.65% dividend yield (as of Friday’s close). VER is a BUY.

Apple Hospitality REIT, Inc. (APLE) [and NOT to be confused with Apple, Inc. (AAPL)], owns more than 30,800 guest rooms, in 88 markets throughout 34 states. Franchised with industry-leading brands, the company’s portfolio consists of 241 hotels – 114 Marriott-branded, 126 Hilton-branded, and one Hyatt. It’s one of the largest portfolios of upscale, select-service hotels in the United States, serving business and leisure travelers, in high-quality hotel properties with attractive upside potential, in urban, high-end suburban and developing markets. Q3-18 results were impacted by restoration activities related to prior year Hurricanes Harvey and Irma, Mid-Atlantic Hurricane Florence in September, and competitive pressures in markets.

The company also contracted the sale of 17 hotels for approximately $181 million; sold two hotels in Columbus, Georgia, for $10 million (breakeven), and repurchased over 1.6 million shares of stock since quarter end. Apple Hospitality spent approximately $43 million in capital expenditures the first nine months of 2018, with another $25 to $30 million anticipated for the rest of the year – including renovation projects for approximately 20 to 25 properties. Although we are underweight in the Lodging sector, we believe Apple offers investors an attractive dividend of 7.33% (paid monthly). We maintain a BUY.

Ladder Capital Corp (LADR) provides fixed-rate and floating-rate commercial mortgages, mezzanine financing, and preferred and direct equity to partners. Since Q1-15, the company has generated an impressive 8.5% CAGR (compound annual growth rate) – a return unique among its peers; assets now total over $6.4 billion. Q3-18 generated $63.4 million of core earnings, with a core after-tax return on average equity of 17.1%; the company also originated $676.7 million of loans, and its portfolio of balance sheet loans increased to $3.8 billion – almost $1 billion over the prior four quarters.

Ladder is the only internally managed commercial mortgage REIT; insider ownership exceeds 12%. With a low payout ratio, and special “true up” dividend in recent years from profitable equity deals with one-time power boosts, Ladder rewarded investors several weeks ago with a special dividend of $.23 per share (on top of the regular Q4-18 dividend of $.34 per share). As 2018’s top-performing commercial mortgage REIT, Ladder is also my 2019 top choice in the category, due to its strong earnings, dividend growth record, and best-in-class management team. LADR’s dividend yields 7.4%. We maintain a BUY.

Seeking recommendations and data on other publicly-traded REITs? We watch over 100 of ‘em, like no one else – with RE news, interviews, and valuable insights you can’t find anywhere else. Get Forbes Real Estate Investor. Twelve monthly issues, fairly priced. Just click here.

I am long OUT, BXMT, VER, APLE, and LADR.

Crack Open The Vault With 5 REITs Yielding 7% Plus syndicated from Forbes – Real Estate

3 ways Homesnap Pro+ will boost your online presence

3 ways Homesnap Pro+ will boost your online presence

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Homesnap Pro+ offers a user-friendly way for real estate agents to claim their name online, with three core functions that will make the process of creating a Google Business profile — and benefiting from it — accessible to agents at any “tech” level.

Article image credited to Denys Prykhodov / Shutterstock.com

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3 ways Homesnap Pro+ will boost your online presence syndicated from Inman

Yankee Doodle! We Salute 9 Homes From America’s Revolutionary Era

realtor.com

American history is alive in the buildings that our forefathers—and mothers—left behind. To honor Presidents Day, we’re highlighting nine homes built before and during the Revolutionary War.

Neoclassical, Georgian, and European inspiration was evident in the architectural preferences of the period. According to the Metropolitan Museum of Art, the homes of well-heeled revolutionaries were ornate and generously adorned with symbols of patriotism and pride in their newly established country. The Colonial style matured and developed as the influences from Europe were reinterpreted and translated into a distinctly American style.

So as we ponder our past, peruse these historic homes from the Revolutionary War era that are available for sale right now, offering an opportunity to live in a piece of American history that even George Washington himself would approve of.

287 King St, Hiram ME 

Price: $399,000
John Watson House: This historic property, also known as the Intervale Farm, is the oldest in this town in southern Maine. The three-bedroom home sits on more than 27 acres, on land that includes a stretch of Saco River waterfront. Built just after the Revolutionary War ended, its Georgian style is pristine. There are symmetrical wings jutting out from the main structure and 18 prominent Palladian windows. The home has been carefully updated to provide modern conveniences, without sacrificing any of its historic charm.

Hiram, ME

realtor.com

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131 S. Benson Rd, Fairfield, CT 

Price: $749,900

Benson House: According to the listing details, the original home built on this property had the dubious distinction of being the second to be burned down by the British during the war. It was rebuilt in 1779, and has since served as a tavern and as the home of Captain Abraham Benson. The four-bedroom house has been in the same family since the 1800s, and sits on just under half an acre, festooned with lilacs, wisteria, a rock garden, and a pergola with stone columns. Indoors, the home features high ceilings, wide plank floors, and many ornate built-ins.

Fairfield, CT

realtor.com

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697 Middle Rd, Portsmouth, RI

Price: $679,900
Portsmouth Colonial: Built in 1750, this three-bedroom home has many modern amenities spread over its more than 2,800 square feet. Indoors, the home has wide pumpkin pine floors, four fireplaces, and the home’s original wainscoting and chair rails. Outside, the mature landscaping includes specimen trees, lawns, gardens, and a stone terrace. The price also includes a half-acre lot zoned for new construction.

Portsmouth, RI

realtor.com

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212 Bellvale Lakes Rd., Warwick, NY

Warwick, NY

realtor.com

Price: $595,000
New England Antique: This home has oodles of historic character, as well as updates that make it desirable to today’s buyers. Located just 50 miles outside New York City, it’s set on 5 acres of rolling grass and forest. The home consists of two separate structures joined together to create one large six-bedroom residence. Features from the part of the residence built in 1766 include huge fireplaces for cooking, hand-hewn stone mantels, wood beams, and irregular plank floors.

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1650 Lake Rd, Panton, VT

Price: $319,000
Lakeside Cape: Described as a “diamond in the rough,” this three-bedroom Cape Cod has its own dairy barn. It was built in the late 1700s, overlooks Lake Champlain, and sits on 7.5 pristine acres in the Adirondacks. Wood floors with hand-forged nails, exposed beams, and hand-planed paneling make this home, which is registered with the Preservation Trust of Vermont, an authentic blast from the past.

Panton, VA

realtor.com

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525 Lewis Ln, Ambler, PA

Price: $7,999,000
George Washington’s HQ: Dawesfield is a 22-acre estate dating back to 1736. The property includes a couple of three-story stone Colonial homes, three barns, several detached garages and sheds, a greenhouse, guesthouse, a three-hole golf course, and pool. The property’s two homes were used by George Washington as his headquarters during the Revolutionary War. One seven-bedroom house has more than 5,800 square feet and the other five-bedroom home offers over 5,000 square feet. Included in the sale are historical documents and the bed George Washington slept in during his time there.

Ambler, PA

realtor.com

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201 Route 9W, Palisades, NY 

Price: $2,250,000
The Big House: Built in 1738, “The Big House” is listed on the National Register of Historic Places and is one of the oldest in the area. The English Manor-style home was the location of a meeting between George Washington and General Lafayette during the Revolutionary War. On another occasion, Martha Washington visited the home. The four-bedroom home includes such period features as white pine paneling, period cabinetry, wide board floors, and a kitchen wing that is billed as potentially dating back to 1685.

Palisades, NY

realtor.com

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215 Orange St, Lancaster, PA 

Price: $1,100,000
James Buchanan Home: Built in 1709 by James Buchanan, who was to become the 15th president of the United States, this property later became the home of the Revolutionary War-era writer Christopher Marshall. These days, it’s an upscale, modern residence with such upgrades as the custom red rose cabinets in the kitchen, a soaking tub in the main bathroom, and a professionally designed and landscaped courtyard with slate patio. The home’s other high-tech upgrades include a sensor snowmelt system installed in the driveway and sidewalks, a security gate with camera, surround sound on the first floor, keyless locking, and more. Pretty presidential, if you ask us!

Lancaster, PA

realtor.com

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28 Colonial Rd, White Plains, NY 

Price: $1,435,000
Notable Colonial: Notable for its past and present, this home from 1710 is a fully renovated love letter to centuries past. Featured in the December 2018 edition of House Beautiful, it was once the home of the Revolutionary War hero Benjamin Lyon, who cast a vote for the Declaration of Independence. Original features of the home have been carefully preserved, like the wide king’s board wood floors, exposed wood beams, period moldings, and bricks from the 18th century. Infrastructure updates have brought this beautiful property into the 21st century and make it a cozy, stylish space for modern living.

White Plains, NY

realtor.com

The post Yankee Doodle! We Salute 9 Homes From America’s Revolutionary Era appeared first on Real Estate News & Insights | realtor.com®.

Yankee Doodle! We Salute 9 Homes From America’s Revolutionary Era syndicated from Real Estate News & Insights | realtor.com®News – Real Estate News & Insights | realtor.com®