Acquisition Opportunities in the Big Apple and Beyond: The Owners Opine

13 April 2018

“The final panel at Commercial Observer’s spring Financing Commercial Real Estate Forum gave attendees a look into the opportunities that property owners are finding in today’s competitive market, both inside and outside of New York City.

Anthony Orso, Toby Moskovits, Michael Maturo and Francis Greenburger. Photo: Aaron Adler
Anthony Orso, Toby Moskovits, Michael Maturo and Francis Greenburger. Photo: Aaron Adler

Moderator Anthony Orso, the president of capital markets strategies at Newmark Knight Frank, encouraged attendees not to be shy in coming forward to the front of the packed room so that they could better hear what the “three most important people in the place,” had to say.  Those VIPs were Toby Moskovits, CEO of Heritage Equity Partners; Mike Maturo, the president of RXR Realty; and Francis Greenburger, the chairman and CEO of Time Equities

Time Equities has owned New York assets for over 50 years but been a cautious buyer over the last few years due to cap rate compression.

“We are always looking for what everyone else isn’t looking for,” said Greenburger – whose portfolio includes properties in the U.S., Canada, Germany and Holland – said.

Time Equities is currently in the process of building 1000M – 74-story condominium building in Chicago, which is a “challenge to finance,” even though it’s the fastest selling project in Chicago, Greenburger said. It’s a challenge that can be surmounted, however, by presenting “a fantastic location, an iconic building and strong presales,” to capital sources, he said.

But, the lender that finances the luxury Chi-town tower likely won’t be a debt fund. Greenburger has a $5 billion portfolio but hasn’t dealt with a private lender yet, he told the crowd, only banks and CMBS lenders.”

Read the full article on Commercial Observer.

Jahn’s 1000M leads Chicago in new condo sales, eyes 2019 groundbreaking

10 April 2018

“The upcoming tower is pushing the South Loop into uncharted ultra-luxury territory”

LEVEL 72 of 1000M Luxury Condos

“After launching in October, condo sales are off to a encouraging start at the 74-story Helmut Jahn-designed skyscraper known as 1000M.

The yet-to-be-built tower landed a combined 38 contracts in the final quarter of 2017 and the first quarter of 2018, according to a sales team lead by @properties. While it may not seem like a huge number given the building’s total unit count of 323, the activity did account for approximately 34% of the downtown’s new condo sales over that period.

The contracts mean 1000M holds the distinction of Chicago’s best selling new development, outpacing a handful of competing projects such as the 94-story Vista Tower under construction in Lake Shore East. The numbers were based on data collected from the Chicagoland Multiple Listing Service and the most recent Downtown Chicago Condo Report.

Located in the South Loop, 1000M will test the upper limits of the area’s luxury housing market as it pushes prices into higher, previously uncharted territory. A number of the tower’s upcoming units—including a 5,500-square-foot 71st floor penthouse listed for $8.1 million—exceed the neighborhood’s past sale record of $3.2 million set in 2016.”

Read the full story on Curbed.

Evolution of the ‘Cabaña’

30 March 2018

“Cabanas are once again redefining the traditional term and taking poolside leisure to the next level.”

“It wasn’t until the first century B.C. that the Romans invented swimming pools, originally used for bathing and seen as a sacred communal activity by Roman society. As time went on, swimming pools were developed for recreational purposes and little huts built from stone, tile and straw started popping up; serving as dressing rooms for people to change into swimsuits. The Latin word for hut was ‘capanna,’ from which the Spanish word, ‘cabaña,’ was derived and in English, we now call these huts —cabanas.

Since their introduction years ago, the swimming pool has ascended to fame and luxury cabanas have become a hotel necessity for travelers everywhere; it’s even a must in residential communities. With designer touches and sophisticated new amenities like LCD screens, lounge seating, private kitchenettes and more, cabanas are once again redefining the traditional term and taking poolside leisure to the next level.

Ultra-luxury cabanas exclusive to 1000M residents
Ultra-luxury cabanas exclusive to 1000M residents.

1000M: Residents at 1000M, the ultra-luxury condominium tower coming to Chicago, will be able to soak up the sun in style this summer. Outside by the 52-foot resort-style swimming pool will be private owners’ cabanas with privacy drapes and media screens, chaise sun loungers, and bistro-style umbrella seating.”

Read the full story on Ocean Home’s website.

The new class of skyscrapers that will forever change the Chicago skyline

16 March 2018

“As the birthplace of the skyscraper and home to one of the world’s greatest skylines, Chicago is reinventing itself with new batch of very tall, high profile towers.

While Chicago hasn’t completed an 800-footer since 2010, that’s about to change and in a big way. Three projects exceeding that mark are already under construction with many more patiently waiting in the wings.

And with big name designers like Jahn, Viñoly, Stern, Pelli, Gang, Smith, and Gill on board, the newest generation of tall towers is raising the bar both literally and architecturally.

Here’s a look at new class of skyscrapers that will redefine Chicago’s iconic skyline.

1000M by Helmut Jahn

1000M

Status: Approved

This Helmut Jahn-created condo building at 1000 S. Michigan Avenue will make a sizable impact on Chicago’s southern skyline when it eventually soars 832-feet over Grant Park. The glassy skyscraper will replace a surface parking lot with 323 luxury condominiums with interiors designed by Kara Mann.

Project developers Time Equities, Oaks Capital, and JK Equities are currently pre-sales mode and have listed a number of units including a South Loop record-shattering $8.1 million penthouse. Provided sales go well, 1000M could break ground later this year.

First unveiled to the public in 2015 as an 86-story supertall comprised of offset cantilevered boxes, the design was shorted during the city approval process and redrawn into a curvy, 74-story tower seen above.”

Read the full list on Curbed Chicago.

Chicago’s 25 most expensive homes for sale right now

7 March 2018

“Let’s take a look at the most expensive homes for sale in Chicago. Ultra-luxe condos and mega-mansions are not in short supply here.

Just as you’d expect, a lot of these listings come from notoriously high-end streets in the Gold Coast and quadruple-wide mansion lots in Lincoln Park. A handful of these multi-million dollar listings also come from design-build firms, which meaning someone needs to be interested in constructing their own luxurious abode.

The homes at the top end of the market can spend months or even years listed, but since we decided to expand this list to include the top 25 there are quite a few new listings to ogle over. The priciest home is a bit of an outlier at $50 million while the end of the list rounds out at $7.5 million. Even as these numbers change, the ridiculous opulence remains the same.

1000M Luxury Condos Curbed Chicago Most Expensive Homes

19. 1000 S. Michigan Avenue, PH 1

$8,100,000

In one of Chicago’s most anticipated skyscrapers, is also one of the most expensive homes. The Helmut Jahn-designed building with Kara Mann interiors overlooks Grant Park in the South Loop. Construction is expected to start this year on the the tower which includes amenities like a music conservatory and a Himalayan salt room. The 71st floor residence will be just below the tenant lounge and wrap-around outdoor terrace.”

Read the full list on Curbed Chicago.

Another 7,000 apartments expected in downtown Chicago within 2 years

22 February 2018

“After setting a record for apartment construction in 2017, downtown Chicago will take a breather — but not for long…

1000M will stand among Chicago’s iconic skyline

One of the big new projects is 1000M, a 74-story tower designed by Helmut Jahn at 1000 S. Michigan Ave. Developers began marketing 323 units for sale in the fourth quarter of 2017.

“We think the market was ripe,” said Jerry Karlik, a principal at New York-based JK Equities, one of the tower’s developers.

“With rental prices hitting $4 per square foot in luxury buildings, we think it’s the right market for a premier condo building,” Karlik said. “It’s an underserved area, and there hasn’t been much built since the last (real estate) cycle.””

Read the full story on the Chicago Tribune’s website.

 

1000M Wins Awards for Best in Design and Marketing

15 February 2018

1000M WINS GOLD AWARD FOR BEST PRESENTATION EXPERIENCE

The 1000M Sales Gallery, designed by Kenneth Riha, ASID of PJR Design, is the winner of the 2018 Gold Award for Best Presentation Center awarded by The Nationals new home sales and marketing awards. The Nationals gala, one of the building industry’s most important events was hosted on January 9th by the National Association of Home Builders (NAHB). The event took place in Orlando at the 2018 International Builders’ Show to highlight the year’s most outstanding work in residential real estate sales, marketing and design. A diverse panel of industry professionals from across the country selected Gold award winners from more than 1,300 entries.

Modern Interiors Chicago Best Sales Gallery 1000M
The 1000M Sales Gallery located at 1006 S. Michigan Ave.

“The Nationals set the benchmark for innovation in new home design, marketing and sales,” explained Kerry Mulcrone and Meredith Oliver, Nationals chairpersons. “NAHB’s commitment to recognizing originality, imagination and success has been exemplified by its award winners since the competition’s inception.”

1000M WINS AWARD FOR BEST NEW DEVELOPMENT

1000M is also the Best New Development in Best of Design 2018, awarded by Modern Luxury Interiors Chicago.

Modern Luxury Chicago Best New Development: 1000M
Edgy Yet Sophisticated Designs by Kara Mann

As can be read in their January 2018 print edition, they write, “When 1000M comes to fruition in 2021, it will be one of the city’s tallest buildings and will occupy the last piece of undeveloped land in the Historic Michigan Boulevard District overlooking the lake and Grant Park. Renowned German architect and longtime Chicago resident Helmut Jahn has envisioned a graceful tower with soft edges that optimizes views from every unit. All 323 interiors and the 40,000 square feet of indoor and outdoor common spaces are under the direction of Kara Mann, who has brought her edgy sophistication to all of the finishes and layouts. Amenities include a hotel-style pool and sun deck with cabanas and loungers, a spa with a meditation room, plunge pools, a beauty bar and hydration station, a library lounge, a music conservatory and Club 1000 on floor 72—a sleekly designed space that brings the outdoors in and features a massive black stone fireplace, unique green walls and a full-service bar. Construction starts later this year, and we think it’s fair to say that it will change the landscape of Michigan Avenue and beyond.”

Thank you to both the NAHB and Modern Luxury Interiors! We are incredibly proud here at 1000M and look forward to what’s in store for the future.

Bathrooms With Spectacular Views

12 February 2018

“The perfect excuse to soak in the tub for a little longer

1000M

Residents at 1000M, the ultra-luxury condominium development coming to Chicago, will be able to relax their bodies and minds while overlooking Lake Michigan and Chicago’s world-famous skyline from the comfort of their bathtub. In addition to world class views, master bathrooms designed by Chicago-native Kara Mann, will feature 6-foot Kohler soaking tubs with stone slab decks.”

1000M - PREPARE TO HAVE MAJOR REAL-ESTATE ENVY WHEN THIS SOUTH LOOP TOWER IS COMPLETE

Read the entire story at DuJour

CHINESE NEW YEAR: YEAR OF THE DOG

Celebrate alongside the institutions of the Cultural Mile as Chicago ushers in the Chinese New Year starting on February 16th! From special orchestral showcases at the Chicago Symphony Orchestra, to the much anticipated opening of the Art Institute’s exhibit, “Emperor’s and their Bronzes,” residents of 1000M need look no farther than their front yard to join in the festivities and herald the arrival of the Year of the Dog.

The Chongqing Chuanju Opera Theatre is hosted by the CSO on February 17th
The Chongqing Chuanju Opera Theatre is hosted by the CSO on February 17th

 

CSO WELCOMES CHONGQING CHUANJU OPERA THEATRE AND ZHEJIANG SYMPHONY ORCHESTRA

On February 17th at 3:00, the CSO will host both the Chongqing Chuanju Opera Theatre as well as the Zhejiang Symphony Orchestra in a showcase of traditional Chinese opera and folk melodies from the Zhejiang Province. Replete with stunning acrobatic choreography and breathtaking costumes, this special celebratory concert is a unique performance that revels in China’s rich musical heritage. The concert is accompanied by a pre concert performance at 1:45 in Buntrock Hall, and features artist from Dong Fang Performing Arts as well as Yellow River Performing Arts.

Zhang Yi, Music Director of the Zhejiang Symphony Orchestra
Zhang Yi, Music Director of the Zhejiang Symphony Orchestra

Tickets for the concert

Pre concert is free to all ticket holders

“MIRRORING CHINA’S PAST: EMPERORS AND THEIR BRONZES” OPENS

Open to the public on February 25th, the Art Institute’s newest exhibition “Emperors and Their Bronzes” showcases bronze artistry from the second and first millennia BCE. Lauded by many as one of the more significant achievements in the historical progression of artistic craft and skill, the beautifully decorated bronze pieces displayed are distinct from other ancient bronze sculptures in that they were used for ceremonial purposes.[i] Join the Asian Art Council Board of Directors as they celebrate the exhibit over dinner and cocktails in the Griffin Court following a special pre-opening viewing of the exhibit.

Ancient Bronze Masterpiece Art Institute of Chicago
This ancient bronze masterpiece is one of many belonging to the Art Institute’s special collections

Tickets for the exhibit

Tickets for the pre-opening viewing and dinner

ENJOY DIM-SUM AT MINGHIN CUISINE

Tucked away between Millennium Park and Lake Shore East Park, Minghin Cuisine brings modern style Cantonese to the loop in an elegant and uniquely decorated dining hall. Enjoy what many call the best dim-sum in the loop[ii] alongside your choice of sake or classic cocktails at one of the city’s Michelin recognized restaurants.[iii]

Minghin
Chic interiors are combined with traditional motifs to solidify Minghin as an authentic Chinatown staple
Cantonese delicacies
A multitude of Cantonese delicacies and classics are offered around a typical Lazy Susan

Reservations may be placed here

JOIN IN THE CHINESE NEW YEAR LANTERN CELEBRATION

Capping off the cultural mile’s celebration of the Year of the Dog, the Art Institute will host lantern making activities in their café on March 3rd. While making lanterns, ticket holders may enjoy the traditional Chinese food and music performances, and then take part in the sunset lantern procession down Michigan Avenue, bidding goodbye to the celebrations, while to greet the Year of the Dog.

 

Chinese New Year Celebration: Sunset Lantern Procession Chicago
Don’t miss the sunset lantern procession down Michigan Ave, taking place on March 3rd

 

[i] http://www.blouinartinfo.com/news/story/2727190/mirroring-chinas-past-emperors-and-their-bronzes-at-the-art,

[ii] https://www.zagat.com/r/minghin-cuisine-chicago1

[iii] https://www.timeout.com/chicago/blog/michelin-releases-its-2018-bib-gourmand-list-for-chicago-101317

Condo Sales Now Underway for Helmut Jahn-Designed Downtown Tower

6 February 2018

“The 74-story glassy tower at 1000 South Michigan Avenue will break ground later this year or in early 2019.

More than two years after plans first emerged for the new Helmut Jahn-designed tower for 1000 South Michigan Avenue, condo sales are finally underway. Dubbed 1000M, the glassy tower from developers Time Equities and JK Properties will eventually rise 74 stories over the southern end of Grant Park and feature 323 residences.

Chicago Tower 1000M joins the Chicago skyline
1000M and the Chicago Skyline

The tower’s pricey units have been listing since last October and the sales team is on pace to hitting its first quarter goal for 2018, according to sales director John Goldsworthy.

“We’re moving full swing ahead and taking appointments every day,” Goldsworthy says. “We’ve definitely pushed the price in the neighborhood.”

According to Goldsworthy, pricing for the tower starts around $570,000 for a 900-square-foot single-bedroom unit, up to $8.5 million for one of the upper-level penthouses. This translates to buyers paying just over $600 per square foot for lower-level condos and roughly $1,350 per square foot for a penthouse.”

 

Read the full story on Chicago Magazine’s website