Mike Fabbri

From recruiting to recruited, Mike Fabbri jumps to Corcoran from Compass Agent development manager moves to Pam Liebman’s firm to become a broker

From left: Robert Reffkin, Mike Fabbri and Pam Liebman

A Compass manager in charge of grooming agents and developing their personal brands is now moving to the Corcoran Group, where he ll ply his trade as a broker.

As Compass   senior lead for agent development, Mike Fabbri played a role in agent recruitment, retention, branding and marketing at the three-year-old firm, whose aggressive hiring has infuriated rivals, including Corcoran.

Fabbri joined the venture-backed firm last April from Doug上海千花网论坛 上海千花网las Elliman, where he was senior director of digital and social media.

“Looking at my career five to 10 years out, there was a disconnect. I didn’t have the agent experience myself, so that was what I was curious to do,” Fabbri told The Real Deal on Thursday.

Fabbri will team up his fiancé and business partner, agent Scott Francis, who is also joining Corcoran from Compass, the firm said. Francis previously worked at AREA interior design, Merrill Lynch and Morgan Stanley. Fabbri and Francis will work out of Corcoran s flagship office at 660 Madison Avenue on the Upper East Side.

In a statement annou阿爱上海同城 阿拉爱上海同城ncing the new hires, CEO Pamela Liebman said she was thrilled to welcome the pair to Corcoran.

Asked why he didn’t remain at Compass as an agent, Fabbri called his year at the startup “thrilling,” but said he wanted to “start fresh.”

Compass is in the early stages of raising a Series D funding round that could value the Manhattan-based company at around $1.3 billion, as TRD first reporte上海千花社区 上海千花网交友d. In September, it raised $60 million and was valued at $800 million. Led by CEO Robert Reffkin, Compass has raised $135 million from investors including Joshua Kushner’s Thrive Capital, Founder爱上海同城 爱上海s Fund, .406 Ventures, Salesforce CEO Marc Benioff and Condé Nast parent Advance Publications.

Tags: compass, Corcoran Group
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Rivington House

Amid pressure from DOI, city releases damning evidence that it knew about Rivington House condo plans Internal memo suggests deputy mayor was briefed on the deal

From left: Zachary Carter, the Rivington house at 45 Rivington Street on the Lower East Side and Anthony Shorris

UPDATED, 5:28 p.m., July 27: A top executive in the de Blasio administration tried to cover up potentially compromising evidence over the Rivington House scandal, according to the city’s Department of Investigation.

The DOI claims that Corporation C爱上海 爱上海同城手机版ounsel Zachary Carter withheld a crucial internal memo from a citywide probe into the real爱上海同城对对碰 爱上海同城论坛 estate deal, and only released it Friday after the DOI threatened to sue.

The memo, sent from a lower-level official to t上海同城对对碰交友社区 上海夜网论坛he head of the Department of Citywide Administrative Services on July 23, 2014, indicates the city knew Rivington House could be turned into condos and that deputy mayor Anthony Shorris was 上海贵族宝贝论坛 上海贵族宝贝briefed on the deal at the time, the New York Daily News reported.

The DOI launched 上海贵族宝贝 上海千花网龙凤论坛its probe earlier this year, after news broke that real estate firm Allure Group paid the city a mere $16 million to have the nursing home’s deed restriction lifted, and then sold it to developers Slate Property Group, Adam America Real Estate and China Vanke for $116 million. The developers reportedly plan to turn the building into luxury condos, though a stop-work order from the Department of Buildings remains in effect.

The city s corporation counsel Zachary Taylor, denied the allegations, arguing that the Law Department actually sent the internal notice to DOI in April.

Last week, City Council Speaker Melissa Mark-Viverito criticized the de Blasio administration for limiting the DOI’s access to computers and documents.

“I am pleased that the Law Department decided to comply with the law,” DOI commissioner Mark Peters said in a statement. “And, I am proud of the DOI staff who doggedly pursued access to these records so DOI can fully investigate the matter at hand.” [NYDN] – Konrad Putzier

Tags: Rivington House
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Hamptons Real Estate

Hamptons Cheat Sheet: Montauk miffed at Bravo over new reality show, Mary s Marvelous closes in Amagansett more

A shot from Bravo s Summer House (Credit: Bravo)

Montauk is still salty about Bravo’s “Summer House” reality show

“Montauk is like your mom’s friend’s daughter who’s a little promiscuous — by a little, I mean a lot,” 上海千花网论坛 上海千花网according to a cast member in Bravo’s new reality show, “Summer House.” But Montauk begs to differ. “We are very concerned that this show promotes a false picture of Montauk as a raucous party town, when in fact the complete opposite is true,” Paul Monte, president of the Montauk Chamber of Commerce, told Page Six. He described his hamlet as a vacation destination for families, nature lovers and mature adults. He pointed out that the house in which the show was filmed was actually located in Amagansett and the producers were denied a permit to film on any public space in East Hampton Town — including Montauk. See for yourself when the show premieres Monday, Jan. 16 at 10 p.m. [Page Six]

New ER facility for Southampton Hospital would scrub out Little League ballfields

Tough luck, East Hampton Little Leagues. It’s looking increasingly likely that Southampton Hospital will choose the 4.5-acre site off Pantigo Road to build its new emergency care facility. The developm阿爱上海同城 阿拉爱上海同城ent would displace two ballfields used by local Little Leagues. The hospital would first have to purchase the parcel from the town, 27East reported. The 15,000-to-20,000-square-foot facility would also include 140 parking spaces and a helipad. The hospital is also considering a location on Stephen Hands Path. [27East]

Bridgehampton votes in favor of $24.7M school expansion bond

The 86-year-old Bridgehampton School will get its makeover after all. On Tuesday, 167 Bridgehampton voters — or 55 percent of the total vote — cast their ballots in support of the $24.7 million bond that would fund the renovation and 35,000-square-foot expansion of the school. It’s the only local school that has not had major capital improvements since it was built in 1930, according to the East Hampton Star. This is something the students need and deserve and I m glad the community recognized that, school superintendent Lois Favre said after the voting results were announced Tuesday night. [EHS]

Mary’s Marvelous in Amagansett will be no more

Sad day for foodies on the East End: the Mary’s Marvelous on Main Street will be shuttering, and its space and kitchen equipment are now up for lease. The East Hampton village location, however, will remain, Curbed reported. The 1,100-square-foot, one-story building asks $625,000 per month, according to its listing, and the facility contains additional exterior storage space and a backyard patio. “This is a real opportunity for another smart business to move in 上海同城对对碰交友社区 上海夜网论坛and enjoy the opportunities of this prime location,” leasing agent Robert Kohr told Curbed. [Curbed]

Bridgehampton sells not one but two properties for $13M last week

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Gift Tax New York

Here’s how Trump transferred wealth to his son while avoiding the usual taxes Donald Trump sold two condos to Eric in April 2016 at a steep discount. But he doesn’t appear to be on the hook for gift taxes.

Then nominee Donald Trump kisses son Eric during a campaign event (Credit: Getty Images)

This story was co-published with ProPublica

In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump s son, Eric.

Such family-friendly deals would normally incur hundreds of thousands of dollars in gift taxes.

But in this case, Trump appears unlikely to have been on the hook for anywhere near that, thanks to benefits only available to real estate developers.

Eric Trump bought the two condos on the two top floors of the Trump Parc East building at 100 Central Park South for $350,000 each. Trump Organization filings show that, as of February 2016 — two months before Trump sold the apartments to Eric — the condos were priced at $790,000 and $800,000. A similar one-bedroom condo on a lower floor at the same building sold for $690,000 in 2014.

The transactions illustrate the unique advantages that real estate developers like Trump have when passing down valuable assets between generations.

Not everyone has the opportunity to avoid gift taxes, just developers with developer units, said Beth Shapiro Kaufman, an estate planning attorney and president at Caplin Drysdale in Washington, D.C. The biggest game in gift taxes is valuation issues.

An owner who sells real estate for less than it s worth would typically have to pay gift tax on the difference between the sales price and the true market value. Any personal gifts that are worth more than $14,000 in a year are subject to up to 40 percent in federal taxes.

But as the building s developer selling the units for the first time, Trump had lots of flexibility within the law to determine the value of the apartments.

This is really, really primo real estate, said Bob Lord, a tax attorney who reviewed the transaction records at ProPublica s request. Why would you show a sale at $350,000 other than to play games for tax purposes?

The units were originally rent regulated, which would typically lower the value of the apartments signif新上海贵族宝贝论坛 上海贵族宝贝交流区icantly.

New York City records state that the condos are no longer rent regulated. It s not clear when they were deregulated, but the result is that Eric Trump will likely be able to sell the apartments at significantly higher prices. It s also unclear if anyone currently lives in the condos. The younger Trump bought another, much larger, apartment in the building for $2 million in 2007.

It s ultimately unclear how much, if any, taxes Trump paid on the transactions. The Trump Organization, the White House and Eric Trump did not respond to requests for comment.

But other taxes paid on the transaction s[……]

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Offices with skyline views of San Francisco are the third

Offices with skyline views of San Francisco are the third-most expensive in the country

San Francisco’s offices with scenic views are behind only New York ($87.90 per square foot) and Washi上海千花社区 上海千花网交友ngton D.C. ($83.09 per square foot) in lease price. A look at the bridge and bay in the formerly hippy-centric city is lik上海夜网论坛 上海夜网ely to set you back $76.11 per square foot, according to JLL’s 2017 Skyline report. Surrounding Bay Area cities aren’t cheap, either. Oakland’s rents are the eighth-most expensive爱上海同城手机版 新爱上海同城对对碰论坛 in the country at $54 per square foot. San Jose’s office rents average $45.56 per square foot. [Bisnow]

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Brexit Commercial Real Estate

American banks aren t lending to British property owners like they used to Prices are at record highs, and North American lenders are growing more cautious

London

Lenders in 爱上海同城手机版 新爱上海同城对对碰论坛North America and elsewhere are pulling back on credit they re willing to provide for commercial properties in the U.K. as prices remain at record highs and uncertainty lingers over Brexit.

North American banks provided $861 million for commercial real estate in the six months through June, a 58 percent drop from the previous year, according to a survey of 78 lenders by De Montfort University. British banks and member-owned lenders advanced $10.8 billion for commercial properties in the first half of this year, a 14 percent fall from last year, Bloomberg reported.

“There is definitely more cau上海千花网交友 上海千花网论坛tion around property values,” Nicole Lux, senior research fellow at the university told Bloomberg. She said that loan-to-values “could quickly rise if prices fall.”

The demand for credit, however, has been curbed somewhat by Hong-Kong-based investors, who purchase commercial property with financing from domestic banks. Such deals were not reflected in the university s survey. [Bloomberg] — Kathryn B上海龙凤论坛sh1f 上海龙凤论坛renzel 

Tags: brexit, Commercial Real Estate, Real Estate Finance
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Elon Musk Tunnel

Elon Musk s latest Twitter prediction: LA loop tunnel project to open soon The 2-mile prototype in Hawthorne will transport cars on skates, and if successful, will expand throughout the city

Elon Musk and the Loop transport tunnel (Credit: Getty Images)

Elon Musk is back in the news on one of his favorite places: Twitter.

The billionaire entrepreneur tweeted out an announcement Sunday, saying his Boring Company will open its prototype “Loop” transport tunnel beneath Hawthorne on Monday, Dec. 10.

The tunnel stretches just two miles, and resembles a normal subway tunnel. Instead of large subway cars, it transports single cars or bus-like transit vehicles on individual platforms called skates. The Los Angeles Times first reported news of the tweet.

Musk said there will be an “opening event” the night of Dec. 10, and free rides for the public the following day. The Boring Company has been building the tunnel since August 2017, when Hawthorne gave it the go-ahead.  Musk wants to expand the system across Los Angeles and has billed it as a way to clear L.A.’s notorious traffic congestion.

The city of Los Angeles has so far been cooperat上海千花网论坛 上海千花网ing. The city fast-track新爱上海同城对对碰论坛 上海同城对对碰交友社区ed approvals for a tunnel in the Westside in April. In August, the Boring Company unveiled plans to build a Loop trunnel connecting Dodger Stadium and a Metro Red Line station. Mayor Eric Garcetti called the proposal “inn上海千花网龙凤论坛 上海千花社区ovative” and expressed support.

Only time will tell if the Boring Company can actually hit Musk’s deadline. The term “Elon time” is a popular qualifier used to describe Musk’s optimistic timelines. Musk, co-founder of Tesla, has missed several production deadlines for the car company. Last month, he reached a deal with the Securities and Exchange Commission, which had sued him for tweet爱上海同城对对碰 爱上海同城论坛ing that he had “funding secured” for a buyout of the car company at $420 a share. Musk agreed to pay a $20 million fine and step aside as company chairman for three years.

Speaking to Tesla shareholders over the summer, Musk said, “I kind of say when I think [production goals] can occur, but then I’m typically optimistic about these things.”

Whe上海千花网龙凤论坛 上海千花社区n asked if the loop tunnel deadline was real time or “Elon time,” Musk tweeted back, “I think real.” [LAT] — Dennis Lynch

Tags: Boring Company, Development, Elon Musk, Hawthorne
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Opportunity Zones

Clockwise from top left: Sales of properties in Opportunity Zones are up by 80%, Realogy plots Corcoran expansion, CoStar projects their annual earnings, Don Jr. gets around.

Sales of sites in Opportunity Zones up 80% 
Properties within the designated Opportunity Zones across the country are seeing a marked rise in values. Sales of development sites in the 8,700 zones nationwide increased 80 percent in the first three quarters of 2018 year over year, the Wall Street Journal reported, citing data from Real Capital Analytics. The federal program was included in the passage of last year s sweeping tax reform bill. It awards tax incentives to developers willing to build in low-income neighborhoods, but many of the details regarding how the program w上海夜网 阿爱上海同城ill work have not yet been announced. [TRD]

CoStar on pace for nearly $1.2B in revenue in 2018, CEO says 
The commercial real estate giant reported that its third quarter revenue hit $306 million — a 23 percent increase from their earnings over the same period last year. With a market cap of nearly $14 billion, CoStar Group says it’s poised to rake in between $1.83 billion to $1.89 billion in total revenue for 2018. During the company’s earnings call this week, CEO Andrew Florance said CoStar’s acquisition of ForRent.com had prompted a $4 million drag on bookings to the site. He also told investors that the sales staff plans to focus on the recently acquired Apartments.com customer base in the months ahead. [TRD] 

Realogy plans to franchise Corcoran brand across globe
The parent company of Corcoran Group, Realogy, has announced plans for a major expansion. The company is plotting to franchise the Corcoran brand to “global megacities” and vacation communities. As the world has gotten smaller, we want to get bigger,” said Corcoran CEO Pam Liebman, noting the need to expand beyond “luxury triangle” of Corcoran’s presence in New York City, the Hamptons and Palm Beach. The expansion plan entails launching in six to 10 new markets within the next 18 months, Liebman said. The firm will soon open up an office in Miami. [TRD]

While Trump Org. faces heat, Don Jr. roams
The eldest son of the commander in chief may be the co-steward of the embattled Trump Organization, which is facing a multitude of investigations, but Don Jr. hasn’t been spending much time at the office. Between December and July alone, he took more than a dozen politics-related trips, according to his social media posts. “It’s hard enough to run a successful business on a day to day basis,” said Jason Pereira, a partner at the Woodgate financial planning firm which specializes in helping family businesses pass the reins from one generation to the next. “You have爱上海同城论坛 爱上海同城 one bad thing happen, that’s OK. You have more than one bad thing happen simultaneously, then your attention is deviated.” [TRD]

MAJOR MARKET HIGHLIGHTS 

City Market seeks partner for $1B LA project
City Market of Los Angeles is on the hunt for a partner for its $1 billion redevelopment pr[……]

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