Ground Up Grind
@groundupgrind
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Real life: real estate principal, family capital, mostly ground-up development. Twitter life: trolling people for investing in garbage in the sunbelt.
Joined January 2021
Hot take: it’s not great for the front runner for mayor of the world’s financial capital to be saying this.
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San Francisco and New York turnarounds were incredibly predictable and also incredibly infrequently predicted.
There’s a large San Francisco multifamily portfolio about to trade at a price I would best describe as:. “Sure, I can get a pro forma to that number. But I wouldn’t buy there.”. Remarkable 2yr turnaround from redlined to this.
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Long-hold RE is hilarious. This former Con Ed substation just traded for $800 PSF as an office in the worst office market cycle in decades.
SoHo building with French eatery on the ground floor trades for $23M
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RT @EllliotttB: Remember when prologis said there wasn’t enough supply to meet demand and that demand was limitless right at the very top o….
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If Miki Naftali demolishes this, he will have paid a psychotic $2868/ZFA instead of the merely astronomical $2275/ZFA he was able to make work. This is understood by anyone who knows how to access ZoLa and who can multiply by 10, but apparently not by the RE press.
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There is so much RE journalism that makes no sense. For example: this building will definitely be taken down to the studs. They'll reskin it. It will be completely unrecognizable in 5 years. But they will not demo and replace it, as this says, because it is 26% overbuilt.
SALE: 800 Fifth Avenue The @NaftaliGroup has officially acquired Spitzer Enterprises and Winter Properties' 33-story rental tower at 800 Fifth Avenue for $810 million, backed by $675 million in financing from @jpmorgan (senior) and Golden Tree
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GPs who are successful but have no clue why often attribute it to some skill that allows them to feel innately but amorphously talented. Building art is my favorite example of same.
Fine Art in NYC’s Post-COVID Commercial Real Estate: Everyone’s a Critic
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RT @GoodGuyGuaranty: It's fitting that one of the most destructive actors in NY housing - the head of the Landmarks Preservation Commission….
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RT @steelbridgecap: This is an excellent textbook chart from @TreppWire on two kinds of insanity we have seen in real estate in the last f….
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“The project's developers have already delivered 1.1M SF of apartments, offices and retail to the waterfront site, but they are considering a pivot for part of the site to data centers.”.
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Oh good, a fresh hell!.
Data Centers Could Be Coming To Baltimore Waterfront Megaproject
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RT @JMGregorchuk: Be me:. Build homes in LA. Have them sit vacant for 5 months while you wrestle different LA departments to figure out wh….
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SEC is the most harmless group to come after Paramount in a minute tbh.
Paramount Discloses SEC Investigation After Paying Millions To Companies Affiliated With CEO
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