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This week join Michael Stoler on the television productions of New York Real Estate TV, LLC.

Monday, May 27th  Michael Stoler's guest on "Building New York-New York Life Stories" is Robert Glazer, CEO, ENT & Allergy Associates,LLP.

On Tuesday evening, May 28th, the topic of the Stoler Report-New York' Business Report  is "Wine, Wine and more wine: Wines place in the hospitality industry.

My guests on the broadcasts include Drew Nieporent, Robert Schagrin, Mary Snyder, Bernie Sun

The Stoler Report-New York's Business Report now airs a total of 8 times a week on CUNY TV in New York City.

Building New York: New York Life Stories, air 8 times a week in New York City and around the nation on Tuesday night on JLTV & DIRECTV.

Every Monday morning  you will receive the latest real estate article by Michael Stoler on the state of the market an information about the upcoming guests on the productions of New York Real Estate TV, LLC
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Union Building Investment Trust providing competitive returns & creating union jobs

In an effort to create union jobs coupled with competitive returns on real estate investment, a nation union investment trust is working with local developers for residential and mixed use projects.

The AFL-CIO Building Investment Trust (BIT) is a $2.59 billion pooled real estate fund serving pension plans with union beneficiaries. The mission of the BIT is to provide competitive risk-adjusted returns for its pension plan participants through investments nationwide in institutional quality commercial real estate while promoting economic development and creating union jobs for America's working men and women.

In its 25 years history, the BIT has invested over $5.2 billion for the development and acquisition of more than 180 office, retail, multifamily, hotel, warehouse and mixed use properties across the country. These investments have crated thousands of jobs in the service, maintenance and operations of the facilities owned by the BIT.

In May, the BIT in partnership with Bijou Properties and Tishman Construction broke ground on a $131 million multifamily and retail development, "Park Place" in Hoboken, New Jersey.  The project will be owned entirely the BIT, a commercial real estate bank collective trust.

Park Place, located at 1415 Park Avenue, with views of the Hudson River and New York City, is a 12 story building containing 212 rental units, 13,000 square feet of retail space and a six level parking garage. The building will also feature a 32,000 square feet of educational space.

Last December, the BIT and its partner The Dermot Company held the groundbreaking of Riverside Place, which is located at the southwest corner of West 61st Street and West End Avenue. When completed in 2015, the 432 story building will have 616 rental apartments of which 20 percent will be affordable for low income residents. The tower will house a four story New York City public school for children pre-kindergarten through 8th grade, and 23,725 square feet of retail space.

  Riverside Place is the first building of the five building Riverside Center Master Development plan approved in 2010.  

This is the fourth project in which the BIT has invested with Dermot Company and is the BIT's twelfth investment in New York City.

Since inception, the BIT has invested directly or indirectly in 29 projects worth $2.1 billion in New Jersey and New York, including over 3,000 housing units and 2.9 million square feet of commercial real estate.

More and more venues offering streaming media including The Stoler Report


Fewer and fewer individuals are watching television broadcasts, movies and other media on their big screen televisions. The mantra of the 21st century is streaming media, which has moved from television, to the personal computer, to the mobile devices and tablets.

Netflix is the world's leading Internet television network with more than 36 million members in 40 countries enjoying more than one billion hours of TV shows and movies per month, including original series. Netflix members can watch as much as they want, anytime, anywhere, on nearly any Internet-connected screen. Members can play, pause and resume watching, all without commercials or commitments.

A mover and shaker in this industry is Red Box. Renting more than 2 billion discs to date, Redbox is America's destination for movies and video games. With 36,000 locations nationwide, Redbox fast, easy way to rent the latest new release movies on DVD or Blu-ray Disc® and the top new release and family video games. Featuring up to 200 titles and 630 discs, Redbox is a fully automated video rental store contained in 12-square feet of retail space. With more than 68 percent of the U.S. population living within a five-minute drive of a Redbox kiosk, Redbox is where America rents movies and games.

It looks like Netflix has a new competitor to change. NYC on the Cheap reports that just in time for the summer movie season, Redbox is offering a free 30 day trial of unlimited streaming movies. If you sign up for the new Redbox Instant membership, you also get a bonus of four kiosk rentals each month. The first month is free, after that you will be billed $7.99 a month, plus tax.

You can view this service on your iPhone, iPad, android phone & tablets, Xbox 360, Samsung Smart TV, Samsung Blu-ray layers and on your personal computer.

This month, Michael Stoler Television, is now available on your iPhone and iPad. The App offers customized interfaces for both platforms. Experience all the latest business and real estate. The App allows users to view "The Stoler Report-New York's Business Report" and "Building New York: New York Stories. The Michael Stoler Real Estate Report on 1010 WINS recording are also included.

The Stoler Report App allows existing followers and new users to watch recent as well as the full archive of these shows. There are almost 400 shows available for viewing. The Stoler Report shows are available from 2008 and Building New York archive is available from 2006. The App features Push notifications to allow users to know when a new show or 1010 WINS broadcast is available for watching and listing.

The Stoler Report is now available for FREE world-wide, on the Apple App Store. The Android version is currently in production and will be available this June on Google Play.

Please visit the Apple App store to download the app and and for more Stoler Report information, including videos and screenshots of the app.

The Stoler Report App was developed by Michael Stoler, New York Real Estate TV, LLC, a media company and ByteFly, Inc. a mobile development company.

Nearly two thirds of Americans are not prepared for Long Term Care

The U.S. population is aging rapidly, with projections that the population of those over age 65 will nearly double by the time the last baby boomers turn 65.

In 2000, seniors comprised 12 percent of the U.S. population. By 2030, that number is expected to rise to 19 percent or 72 million Americans over the age of 65. The U.S. Department of Health and Human Services projections estimate that 70 percent of Americans who reach the age of 65 will need some form of long term care in their lives for an average of three years.

In as Associated Press-NORC Center for Public Affairs Research report noted that nearly half (48%) of Americans in this age demographic acknowledged that a majority of people will need long term care at some point as they age, but only 24% believe that they will personally need those kinds of services someday. The study shows that about 70% of Americans aged 65 and older will eventually need long term care.

"Although a majority of Americans 40 years or older believe that they are at least somewhat likely to need long-term care at some point, very few people in this population report planning for their own long-term care needs," says the report.

Only 16% report doing a "great deal" or "quite a bit" of planning for their own long-term care needs, while just under two in ten report a "moderate amount" or planning. A huge majority-65%-report doing only a little planning-or none at all. 

The lack of preparation could be due to denial: about three in 10 Americans surveyed for the study said they'd rather not think about getting older, while another 32% are only "somewhat comfortable" thinking about aging. Only 35% report being "Very comfortable" at the thought of getting older. However, the older survey respondents got, the more comfortable they were with thinking about aging, up to 75% of those aged 65 and older. 

Only 41% of Americans aged 40 or above have even discussed long-term care preferences with their families, while an even smaller amount (35%) have set aside money to pay for future long-term care needs, the AP-NORC Center found. 

Many underestimated the costs of nursing homes while overestimating the role of Medicare in paying for that care. 

Americans in this age group generally count on their families to "be there for them" as they age, but those currently receiving long-term care, or have gotten it in the past, are less likely to believe they'll be able to rely on family in a time of need. 

A majority of those surveyed are either a "great deal" or "quite a bit" concerned about losing their independence (52%) or diminished mental capabilities (51%). Less than half are at least "quite a bit" concerned about their ability to pay for the care or assistance they may need as they age (44%), while about 42% are at least somewhat worried they'll have to move into a nursing home. One third have concerns they'll be alone without friends or family around them as they age.

Those surveyed said their priorities for a living situation as they age include a single-story home (65%), living close to children (63%), and being close to medical offices or hospitals (63%).  

 New players join the ranks of lenders to finance Construction of high end condominium and mixed use developments

Major residential and commercial development is emerging all over New York City. While many of the commercial banks are interested in providing financing, investment funds, real estate investment trust and private equity funds are joining the ranks of lenders.

Last year, London based Children's Investment Fund, agreed to lend $400 million to a joint venture of the CIM Group and Harry Macklowe, for the construction of the tallest residential tower, 1396 foot at 432 Park Avenue.

As reported in the Wall Street Journal, Silverstein Properties has reached an agreement with the Children's Investment Fund Management LLP to provide a $660 million construction loan for its 926 foot tower at 30 Park Place. The building is slated to include a 189 room Four Seasons hotel and luxury condominium. The tower is to be called the Four Seasons Hotel and Private Residences New York Downtown.

Connecticut based Starwood Property has been a very active lender for luxury condominiums and office development. Commercial Mortgage Alert reported that the REIT will be providing $450 million to finance World Wide Groups, development of a 57 story building with about 270 units at 250 East 57th Street.

In October, 2012, the REIT and affiliate Starwood Capital originated $475 million of senior and mezzanine debt for the acquisition and redevelopment of the office building at 701 Seventh Avenue. The new owners an investment partnership of The Witkoff Group, New Valley, an investment unit of Vector Group, together with Maefield Development, Infinity Urban Century and Winthrop Realty Trust plan to demolish the tower a build a new 10 story, 130,000 square foot retail structure wrapped by a 24,000 square foot LED sign and in second phase a hotel tower.

In April, Starwood Property Trust announced that it led the origination of $475 million first mortgage and mezzanine loan for phase one of Related Companies and Oxford Properties Group, Hudson Yards Project. Starwood will provide $350 million in funding and the remainder will be contributed by Oxford Properties Group and the United Brotherhood of Carpenters and Joiners.

The loan will help finance the development of the development's 1.7 million square foot South Tower on Manhattan's West Side.  

Earlier this year, Apollo Commercial Real Estate Finance, Inc. provided an $80 million whole loan commitment for a condominium conversion located in the TriBeCa. At closing, the Company funded a $45 million first mortgage loan and $400,000 of a $35 million mezzanine loan, the balance of which will be funded throughout the conversion process. The property will have 66 units and 3,000 square feet of ground floor retail space. The whole loan has an initial term of two years with two 12 month extension otions, subject to additional project completion hurdles.  

05/27/2013 - 08:52


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