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Wendy Cai

The East West Bank executive on cross-country commuting, glazed pork shoulder, and lending on all property types

Wendy Cai-Lee (Photo by Larry Ford)

Wendy Cai-Lee is head of consumer and business banking and of the U.S. Eastern and Texas regions at East West Bank. The bank — which was founded in the 1970s to serve California’s growing Chinese-American community — now has a loan portfolio of $24.8 billion, with about $7.7 billion in commercial real estate debt throughout the country. The New York region, which saw 23 percent loan growth in the past year, is the second largest commercial property market for East West after California. In recent years, the bank has expanded its presence in the five boroughs; the Chera family and Joseph Sitt are among its more prominent 爱上海同城对对碰 爱上海同城论坛New York borrowers. Cai-Lee’s job involves frequent travel, and she splits her time between her primary residence in Haworth, New Jersey, and a second home in Pasadena, California, where the bank is headquartered. She was born in Shanghai and moved to northern New Jersey at age 12. Cai-Lee graduated from Rutgers University in 1996 and dropped out of Columbia University’s business school to launch an online startup, which she was later forced to sell to one of her investors. Before joining East West Bank in 2011, she worked at JPMorgan Chase, Citigroup and Deloitte.

6 a.m. I always wake up at this time, whether I’m in Los Angeles or New York. The first thing I do is check my emails. I have a promise to my team members: Regardless of who they are in the bank and the complexity of the question, my turnaround time is 24 hours. I cover multiple business lines across three U.S. time zones, so emails come in at all times.

6:50 a.m. I wake up my 6-year-old son, Owen, and give him breakfast. That’s the only time during the day I really get to spend with him. For breakfast, I drink green tea and eat steamed buns from a Chinese bakery. If I’m on the run, I have a bagel.

7:30 a.m. My husband, who is a hedge fund attorney, and I take turns driving Owen to school. When we’re in the New York area, he attends the Dwight-Englewood School, an independent day school in Englewood, New Jersey. In California, he goes to Chandler School. He’s in first grade. I don’t pull him out of school in the middle of the school year. These schools are willing to accommodate him technically attending two different ones, one year at a time.

8:10 a.m. I drive to work at 535 Madison Avenue in Midtown. I’m a bit of a slave to my car when I’m in New York. My morning commute is as long as 90 minutes. When I’m in California, it’s only three minutes.

9 a.m. I get to the office, and that’s when the meetings start. My days are usually packed back-to-back. About 17 people directly report to me, though the divisions I oversee have more than 1,000 people in them. I do weekly one-on-ones with each of them. It’s less for my sake, and more for them — to discuss any challenges or issues regarding transactions or personal stuff[……]

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Sumi Properties

Sumi Properties refis Subway Inn development site with $100M Ozarks loan Developer injects equity into project, which it plans to build in the next cycle

A conceptual rendering of 161 East 60th Street (credit: Archilier Architecture)

Sumi Properties Group refinanced its supertall development site at the former location of the Upper East Side’s Subway Inn with a $100 million loan from Bank of the Ozarks.

The Arkansas-based bank has been in the deal since 2015, when it lent about $115 million on the property collateralized against a $200 million loan Mack Real Estate Group provided to Kuafu Properties, which acquired the six-building site at 143-161 East 60th Street between Lexington and Third Avenues from World Wide Group for $300 million. The deal for the site, which offers about 280,000 buildable square feet, penciled out to north of $1,000 per上海夜网论坛 上海夜网 square foot, making it one of the priciest land deals of this cycle.

Sumi Properties founder Zengliang “Denis” Shan took the property with him when he left Kuafu Properties late last year, bringing along chief investment officer Stephen Muller to the new company.

Sumi paid down $100 million in de上海夜网论坛 上海夜网bt with equity, and Ozarks refinanced the property with a新爱上海同城对对碰论坛 上海同城对对碰交友社区 new $100 million loan, property records filed with the city Friday show.

Representatives for Sumi and Bank of the Ozarks could not be immed爱上海同城手机版 新爱上海同城对对碰论坛iately reached for comment.

Before Shan and his former partner Shang Dai split, they put the project on hold as the high-end luxury market slowed amid an influx of new condos on Billionaires’ Row, with plans to develop it in the next cycle.

Tags: bank of the ozarks, Kuafu Properties
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Hamptons Bays sees two $3M sales

Hampton Bays, which has a med爱上海同城论坛 爱上海同城ian home price of just $440,000, has generally seen fewer high-end luxury sales than other Hamptons towns. But two recent home sales of over $3 million may indicate that the town will see a strong fourth quarter. A property just shy o上海贵族宝贝 上海千花网龙凤论坛f one acre on North Shore Road, which features a newly renovated four-bedroom, three-bathroom house, just sold for $3 million, 27 East reported. Nearby, restaurant owner Anthony Scotto sold his four-bedroom home for just under $3 million after originally listing the property for nearly $4 million in 2016. In the third quarter, the area had seen no home sales over $2 million, according to Town and Country’s report. [27East]

Tags: Hamptons
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Sky

An eye in the sky will help新爱上海同城对对碰论坛 上海同城对对碰交友社区 Southampton Town reassess properties for the 2019 tax season. A contractor will fl上海龙凤论坛 新上海贵族宝贝论坛y over the town and snap aerial photos of yards and compare them to fl上海千花网龙凤论坛 上海千花社区y-over assessments from 2016. If differences are spotted, the tax assessor’s office will investigate and dec上海千花社区 上海千花网交友ide上海千花网龙凤论坛 上海千花社区 if a property’s taxable value needs to be updated. [Southampton Press]

Tags: Hamptons
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Title insurance NY

NY Senate budget offers title insurance companies a lifeline Line would roll back DFS marketing ban

From left: James Seward, Kevin Cahill and Maria Vullo

UPDATED, March 14, 6:06 p.m.: The New York State Senate threw title companies a rope in its proposed budget Wednesday.

The Senate s budget for fiscal 2018-19 contains language that would rollback a series of strict anti-marketing regulations enacted last month by the Department of Financial Services. The regulations — which aim to curb excessive spending in an industry known for wining and dining clients — bans title companies from marketing expenses like offering clients meals and entertainment.

In a subsection of the Senate s budget, lawmakers offer a clear definition of an inducement. The budget also states that under state insurance laws, title companies cannot be prevented from undertaking any usual and customary marketing activity aimed at acquainting present and prospective customers with the advantages of using a particular title insurer or title insurance agent.

So far, the Assembly has not included a similar line in its budget. Over the next few weeks, Gov. Andrew Cuomo and members of both Houses will hash out their respective proposals to finalize the final budget.

In January, the state Senate voted to ease the regulations by challenging DFS authority.  The Assembly has been exploring options cracking down on bad actors whi爱上海同城 爱上海le instituting reform.

Last month, the New York State Land Title Association and two title companies filed a lawsuit to challenge the new rules. In court documents, they said the regulation would wreak havoc on title companies by forcing company closures, layoffs and reduced services.

Marla de Jesus, owner of NY Title Solutions and Agency in the Bronx, was one such casualty爱上海同城 爱上海. She closed the business on January 31 and has since filed for unemployment.

We weren t taking long trips to Tahiti, said de Jesus, who said the cost of complying with DFS rules was too high. The Senate lifeline won t put her back in business, however. It s just a few months too late for me.

 上海贵族宝贝交流区 上海贵族宝贝论坛

 

Ta上海夜网 阿爱上海同城gs: Politics, title insurance
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David Werner Real Estate

David Werner buying Pfizer’s Midtown HQ for $360M Pharma giant finalizes deal at Tishman Speyer’s West Side skyscraper; Midtown properties stand to gain from area rezoning

219 and 235 East 42nd Street, Adam Spies and Pfizer s Ian C. Read

UPDATED, 2:03 p.m., April 10: As it finalized its new lease at a proposed Hudson Yards skyscraper, Pfizer struck a deal to sell its longtime Midtown office buildings on East 42nd Street to David Werner for about $360 million, The Real Deal has learned.

The pharmaceutical giant has been searching for a buyer for the properties at 219 and 235 East 42nd Street while it negotiated to relocate elsewhere. The buildings span a total of 1.1 million square feet.

Related: Tishman Speyer picks up Pfizer as anchor tenant
for Spiral, lands mammoth construction loan

The deal would be for the fee po上海千花网论坛 上海千花网sition at 219 and the leasehold position at 235, sources said. It would involve a leaseback to Pfizer of at least five years, given that the company s new home at Tishman Speyer s Spiral is not expected to be ready until 2022.

On Tuesday, Tishman Speyer announced that it had finalized lease terms with Pfizer for 800,000 square feet at the Spiral, its Bjarke Ingels-designed skyscraper at 66 Hudson Boulevard. The announcement also noted that Pfizer had agreed to sell the 42新爱上海同城对对碰论坛 上海同城对对碰交友社区nd Street buildings, but did not disclose the buyer or the price.

Sources said Werner is still weighing his plan for the buildings, which could benefit significantly from the Midtown East rezoning.

A Cushman Wakefield team led by Adam Spies, Doug Harmon, Josh King and Bob Knakal is brokering the sale of the building上海千花社区 上海千花网交友s. Their colleagues Josh Kuriloff and Peyton Horn b爱上海同城 爱上海rokered Pfizer’s new lease deal.

A spokesperson for Pfizer said: We’re pursuing a sale of our current headquarters at 235 and 219 East 42nd street. We are still in the process of this work, and we are pleased that there is interest in our property. At this stage, however, we cannot comment on any ongoing discussions.

Representa爱上海 爱上海同城手机版tives for Werner could not be reached. Tishman Speyer and Cushman declined to comment.

Werner, a press-shy Brooklyn-based investor, also owns the Socony Mobil Building and in partnership with RXR Realty 5 Times Square. He s known as one of the most active syndicators of big real estate deals in New York.

Tags: adam spies, Commercial Real Estate, Cushman Wakefield, david werner, pfizer
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Student Housing

Will the student housing boom last? The industry is facing demographic and economic pressures

Clockwise from top left: The London in College Station, Texas, The Cri上海千花网 爱上海同城对对碰m爱上海同城手机版 新爱上海同城对对碰论坛son in Tuscaloosa, Alabama, The Ivy in Tampa, Florida, and The Harrison in Harrisonburg, Virgini上海贵族宝贝交流区 上海贵族宝贝论坛a (Credit: CLS Living)

As more investors have funded housing near universities, overbuilding has been a danger for some property owners. Investors are being more cautious as some backers have seen their bonds downgraded.

Real estate fund managers raised $1.9 billion, through July, for student housing projects globally, the same amount as they raised in all of 2017, according to a report in Bloomberg.

Portfolios are trading at high prices, too. As a part of Greystar Real Estate’s $3.2 billion purchase of Education Realty Trust in June, the company formed a joint venture with the Blackstone Group to buy some off-campus locations for another $1.2 billion.

At the same time, existing portfolios are commanding steep prices. The influx of money has divided the market in two: areas where supply is tight and others where it’s excessive.

Stu上海贵族宝贝交流区 上海贵族宝贝论坛dent housing also faces unique pressures. For example, there’s much more turnover among tenants, so landlords have to constantly fill units. Robert Bronstein — president and co-founder of Scion Group, which owns more than 60,000 beds nationally — likened it to selling cruise tickets.

“Once you leave the dock, if you haven’t sold the room, you’re not going to,” he told Bloomberg.

Demographics are changing, too. As millenni阿拉爱上海同城 爱上海龙凤419桑拿als age out of their college years, analysts warn demand could drop. [Bloomberg] — Meenal Vamburkar

Tags: blackstone group, Commercial Real Estate, student housing
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Art collector again relists Montauk oceanfront home for $25M

More than two years after a上海千花社区 上海千花网交友rt collector Adam Lindemann put a Montauk oceanfront home on the market for $25 million, the property at 404 and 406 Old Montauk Highway has hit the market again seeking $24.95 million, according to Curbed. Lindemann initially listed the six-acre plot on Montauk’s bluffs for nearly $30 million in late 2015, around the same time that he paid $50 million to buy Eothen, a Montauk estate ow上海贵族宝贝论坛 上海贵族宝贝ned for nearly two decades by the artist Andy Warhol. Curbed noted the two parcels that Lindemann paid a collective上海龙凤论坛sh1f 上海龙凤论坛 $21.5 million for in 2007 and 2008 now include a 7,500-square-foot home renovated by architec新上海贵族宝贝论坛 上海贵族宝贝交流区t Sir上海贵族宝贝 上海千花网龙凤论坛 David Adjaye with interiors by Bob Melet. Compass reportedly first had the listing for the six-bedroom and eight-and-a-half bathroom home, which is being offered fully furnished, but the Corcoran Group’s Gary DePersia now has the listing. The veteran Hamptons broker is also selling former talk show host Dick Cavett’s iconic oceanfront Montauk home, Vornado Realty Trust founder and chairman Steven Roth’s Montauk beach home and nightlife mogul Michael Hirtenstein’s Montauk party pad. [Curbed]

Tags: Hamptons, Tri-state
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David Marx

Rare development site in northern Queens hits the market for $45M Site in Douglaston spans about 3 acres

From left: David Marx of 上海贵族宝贝交流区 上海贵族宝贝论坛Marx Development Group, an aerial of 242-22 61st Avenue in Queens and a rendering of 242-22 61st Avenue (Credit: Google Maps and Cushman and Wakefield)

A roughly three-acre development site by the border of Queens and Nassau County is hitting the market for about $45 million, according to sources familiar with the deal.

Cushman Wakefield s Stephen Preuss

David Marx of Marx Development Group is looking to sell the property known as the Douglaston Acres, and a Cushman Wakefield team led by broker Stephen Preuss is marketing the site. It is located right next to Douglaston Golf Course and just off the Long Island Expressway.

The site could be used for a residential development spanning up to 110,000 square feet or a community facility spanning up to about 250,000 square feet. Marx has already developed conceptual plans for an assisted living complex on the property that would include parking, medical space and a 2爱上海龙凤419桑拿 上海龙凤论坛sh1f00-bed long-term care facility.

The site is addressed at 242-22 61st Avenue in Queens, and t爱上海同城 爱上海he lot spans roughly 122,000 square feet.

It is extremely rare for a development site this 上海千花网交友 上海千花网论坛large to hit the market in the northern Queens area, sources said. The neighborhood of Douglaston is largely residential, with lots of single-family homes. In the immediate vicinity of the development site is the Douglaston Plaza shopping center, which is owned by Ashkenazy Acquisition, and a two garden apartment complexes.

Shibber Khan’s Criterion Group recently paid about $80 mil上海千花网论坛 上海千花网lion for a development site just north of Queensboro Plaza in Long Island City, and Preuss is also marketing another development site at 129-02 Northern Boulevard in Willets Point for about $60 million.

Tags: Commercial Real Estate, David Marx, Queens
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Mulholland Estates

Saudi princess puts Mulholland Estates abode on the market The 7,650-square-foot home is being shopped around for $9.5M

Princess Maha bint Mishari Abdulaziz Alsaud s Asian-inspired mansion in the Mulholland Estates (Credit: Douglas Ellim上海千花网 爱上海同城对对碰an)

An opportunity to live like royalty is now up for grabs for under $10 million.

Princess Maha bint Mishari Abdulaziz Alsaud has listed her Asian-inspired mansion爱上海同城论坛 爱上海同城 in the Mulholland Estates for sale, Variety reported.

The 7,650-square-foot home Alsaud’s part-time residence has five bedrooms and seven bathrooms. There’s also a wood-paneled library, media room and wet bar. (Alsaud s primary home is a 25-bedroom mansion in Riyadh.)

Outside, manicured gardens and a swimming pool complete the 0.5-acre property.

The Saudi princess has owned the home since 2014, when she paid nearly $7 m阿爱上海同城 阿拉爱上海同城illion for the home. Past famous residents include screenwriter Jeffrey Boam, music producer Steve Rifkind and car mogul Tom O’Gara.

Dena Luciano of Douglas Elliman has the listing. [Variety] Natalie Hoberman

Tags: mu上海同城对对碰交友社区 上海夜网论坛l新爱上海同城对对碰论坛 上海同城对对碰交友社区holland estates, Re
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