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Douglas Elliman holds first Florida Ellies: PHOTOS

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Douglas Elliman Florida hosted its first annual Ellie awards at the Soho Beach House in Miami Beach in March.

The brokerage closed sales worth $22.4 billion nationwide in 2015, up from $18.4 billion in 2014. In Florida, the Elliman ended 2015 with a $2.4 billion sales volume, an increase of more than 100 percent from the year before, according to a press release. It also grew to more than 700 agents in South Florida, which includes Palm Beach, Wellington, Boca Raton, Fort Lauderdale, Miami, Aventura and Miami Beach.

Just as in 2015, Pablo Alfaro of Elliman’s Miami Beach office earned the No. 1 spot for gross commission income, while the Chad Carroll Team earned the top spot among teams with the highest gross commission income. As an individual agent, Carroll also won top spot in the Miami Design District and Aventura areas. Other top teams included the Oren Alexander Team, Senada Adzem and Chris Leavitt Team, the Goihman Team and the Bill and Bryan Team.

Here’s a breakdown of the awards, which were all based on the highest commission incomes:

  • Top individuals based on gross commission incomes: Pablo Alfaro, Niki Higgins, Erik Schneider, Raul Santidrian and Kayce Driscoll
  • Miami Beach market: Oren Alexander, Pablo Alfaro, Raul Santidrian, Kayce Driscoll and James Bryan
  • In Palm Beach County:
    • Palm Beach market top individuals: Chris Leavitt, Betsy Green, Michael Harris, Steve Davis and Ashley McIntosh
    • Wellington market: Visse Wedell, Kristina Lloyd, Martha Jolicoeur, Maria Mendelsohn and Mark Joseph Norman
    • Boca Raton market: Senada Adzem, Pamela Fishman, Steven Solomon, John List and Tracy Roddy
  • Fort Lauderdale market: Niki Higgins, Melanie Kimpton, Juan Noriega, Allen Peachell and Gilbert Stockton

The top commercial agents at Elliman Florida were Francis Clougherty, Mitash Kripalani and Fred Botwinik. Rookie of the year went to Cynthia King, while Betsy Green received the firm’s lifetime achievement award.

In Florida, Elliman is led by Jay Phillip Parker, CEO, and chief operating officer Gus Rubio. Rubio left ONE Sotheby’s International Realty last year to join Douglas Elliman.

The awards were held at Cecconi’s Miami Beach, at 4385 Collins Avenue. Elliman held its annual awards ceremony, dubbed the Ellies, in New York at Radio City Music Hall in February. – Katherine Kallergis and Sean Stewart-Muniz


7 iconic NYC properties now owned by the Chinese: VIDEO

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Despite a $13.6 billion bid by Marriott International, some industry insiders say Anbang Insurance Group may have enough capital to lock down a takeover offer for hospitality giant Starwood Hotels & Resorts.

If Anbang is successful, iconic buildings such as the W, Sheraton, Westin and St. Regis would join a growing number of New York City properties being snapped up by Chinese investors. The list includes the iconic Waldorf Astoria hotel and the Baccarat hotel.

Watch the video above to see some more trophy properties in New York City that were bought by Chinese firms.

For more videos, visit The Real Deal’s YouTube page.

Morgan Stanley exec lists Palm Island manse for $22M

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288 South Coconut Lane

288 South Coconut Lane

Morgan Stanley executive Candido Viyella and his wife Anabella put their Palm Island mansion in Miami Beach on the market this week for $21.8 million.

Property records show the nearly 11,000-square-foot, four-story home at 288 South Coconut Lane was completed in 2011. Candido Viyella, a managing director at Morgan Stanley, and Anabella Viyella bought the lot in 2009 for $2.7 million, or $193 per square foot for the land. Now, it’s on the market for about $2,020 per square foot.

Architect Ramon Pacheco designed the nine-bedroom, eight-bathroom mansion. The property includes a waterfront pool, private dock, rooftop terrace, four-car garage and a smart home technology, according to the listing. Douglas Elliman’s Hilda Mendez Jacobson is representing the owners.

Palm Island, connected to Hibiscus Island and near Star Island, is accessible via the MacArthur Causeway. The island has been home to Al Capone, as well as the ex-wife of New York Yankees star Alex Rodriguez, who sold her mansion for $5.6 million in January. Earlier this year, the Miami Beach Commission rejected an ordinance that would have limited the lot coverage and unit size of new single-family homes being built in the city. – Katherine Kallergis

Tui Lifestyle evicted from Biscayne Boulevard site amid ongoing litigation

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Tui-+-Tui

The Tui Lifestyle store at 3886 Biscayne Boulevard (Inset: Tui Pranich via Viva Vivanista)

Tui Lifestyle, the furniture store linked to prominent designer Tui Pranich, has just vacated its Biscayne Boulevard site at the edge of Miami’s Design District after the landlord filed an eviction lawsuit, seeking more than $46,000 in unpaid rent.

The eviction follows another lawsuit by namesake Pranich against his former partner Sevin Ergun, who heads the limited liability company that owns the store, as litigation reveals how the designer has essentially lost control of his brand name.

On March 8, the landlord of 3886 Biscayne Boulevard, 3886-3898 Biscayne Boulevard LLC, filed an eviction suit against Soho Design Operating Company LLC, doing business as Tui Lifestyle. The suit, filed in Miami-Dade Circuit Court, seeks repayment of $46,768 in rent for the month of March.

Tui Lifestyle’s Miami Gardens manufacturing facility has also been evicted, litigation shows. In July of last year, Soho Design Operating Company LLC, doing business as Tui Lifestyle, and Tui Pranich as personal guarantor, were sued for eviction by the landlord of that facility, Elsaja Miami. That suit seeks more than $200,000 in unpaid rent and damages.

Tui Pranich declined comment on all the litigation, and referred The Real Deal to his attorney John H. Schulte.

Tui Lifestyle LLC was originally formed in 2008 by Tui Pranich whose full name is Noranit Tui Pranich — and a partner, Jason Atkins. Atkins ran the business side, and Pranich was the designer. The firm created furniture packages for condominiums, offering to furnish entire units in 72 hours.

In 2014, Ergun bought out Atkins, Schulte said, and created a new company, Soho Design Operating LLC. She ran the business, while Pranich had a contract to design the furniture packages sold at the store.

According to Schulte, in November Ergun terminated Pranich. His suit against her, filed in December, alleges breach of his design contract that stipulated payment to him of $20,000 per month. It also alleges breach of Pranich’s exclusive jurisdiction over design and creative products because Ergun began selling products from her native Turkey in addition to his designs. Also, the suit alleged that she used company funds for herself and her family and not for the company.

“She terminated all contact and said that if he came on the property she would have him arrested,” Schulte told TRD.

Ergun was previously represented by the Miami law firm Coffey Burlington, but the law firm withdrew due to lack of payment. The case is now on hold, awaiting new representation for Ergun.

“Tui has had no control, has no say. He is not responsible for what went on because he just had the design contract,” Schulte said. “But the name Tui is on the door and that is what bothers him. He is a world famous designer and decorator.”

Pranich told TRD that he still maintains a separate interior design business.

Chariff Realty Group is now marketing the 6,600-square-foot former Tui Lifestyle site for $65 per square foot, triple net, Lyle Chariff, president of Chariff Realty Group, told TRD. The rate equates to $430,000 a year.

The owners of the property at 3886 Biscayne Boulevard are Elizabeth and Neil Rosen, according to public records. The couple just sold another Design District property last week, at 111 Northeast 40th Street, for $21.5 million.

“The bad news is we lost a tenant,” Chariff said. “But the good news is it’s an unbelievable space now available at the entrance to the Design District.”

Palatial home in the Gables hits market at $19M

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150 Edgewater Drive (Inset: Listing agent Jorge Uribe of ONE Sotheby's International Realty)

150 Edgewater Drive (Inset: Listing agent Jorge Uribe of ONE Sotheby’s International Realty)

A waterfront Mediterranean estate in Coral Gables is now up for grabs at $19 million.

The home, at 150 Edgewater Drive, is a massive new-construction mansion across from the the city’s upscale Cocoplum Yacht Club. It’s separated from the street by a long, thin entryway that stretches several hundred feet.

Measuring 11,833 square feet, the mansion was built in 2013 with 10 bedrooms, 11 bathrooms, high ceilings and two master suites, according to its listing. The entrance boasts a wide marble double staircase — if you don’t want to use the home’s two elevators — and multiple terraces overlook a canal leading into Biscayne Bay.

The $19 million asking price breaks down to $1,605 per square foot. Jorge Uribe of ONE Sotheby’s International Realty has the listing.

County records show the property is owned by a limited liability company named Continente Network. It’s managed by Italo Belon Neto.

Coral Gables’ waterfront properties are hot commodities among the wealthy. Just next door, developer Jeff Berkowitz, who’s working on SkyRise Miami, owns a 1.7-acre estate with its own tennis court.

Car wash buys land for $5M facility in Margate

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Rising Tide Car Wash in Margate

A rendering of the Rising Tide Car Wash in Margate

Parkland-based Rising Tide Car Wash purchased the land for the company’s second location, this time in Margate. 

Site map

Margate car wash site map

Rising Tide, a car wash company that employs adults with autism, paid $1.5 million for the land at 2970 North State Road 7, a spokesperson told The Real Deal. The company has plans to build a custom car wash, a project that will total about $5 million including land acquisition fees.

Mellion Realty represented the buyer, while High Street Retail USA represented the seller, 2970 N SR7 LLC. It’s slated to open by early 2016, according to a press release. The company has been in Parkland since 2013. The new location is estimated to employ about 50.

Rising Tide will be on the corner of State Road 7 and Northwest 29th Street. The 1.48-acre site was listed for sale in 2012, according to a Loopnet listing. The seller is controlled by Sean Leder of the Leder Group, a Boca Raton-based investment and property management firm. The property last sold for $775,000 in 2013.

In January, Publix Super Markets bought a Publix-anchored shopping center in Margate, at 7210 West Atlantic Boulevard, for $28 million. – Katherine Kallergis

The Wrap: Developer breaks ground on new Fort Lauderdale condominium, Airbnb opens Cuba listings to world…and more

Ryan Tannehill throws $4.3M for Lauderdale home

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420 SE 17 Avenue in Fort Lauderdale

420 Southeast 17 Avenue in Fort Lauderdale

Miami Dolphins quarterback Ryan Tannehill and his wife Lauren paid $4.3 million for a home on Southeast 17 Avenue in Fort Lauderdale.

The couple tried to make the cash purchase quietly through a trust fund in Santa Monica, California, which listed the quarterback’s father-in-law, John Ufer, as trustee.

Tannehill, the starting quarterback of the Miami Dolphins since 2012, and his wife closed on the purchase of the Fort Lauderdale home on March 4 at a price $200,000 below the asking price.

Multiple listing service records show the Tannehills signed a purchase contract on February 16, one day after the Fort Lauderdale home was listed for sale for $4.5 million.

The one-story home at 420 Southeast 17 Avenue spans 5,400 square feet and has four bedrooms, four and a half bathrooms. The property includes a separate one-bedroom guesthouse with an exercise room. [Gossip Extra] — Mike Seemuth


Boutique hotel opens on Hollywood Beach

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Casa Pellegrino at 2007 North Ocean Boulevard in Hollywood.

Casa Pellegrino at 2007 North Ocean Boulevard in Hollywood.

A boutique hotel called Casa Pellegrino has opened on North Ocean Drive in Hollywood following a renovation project that took almost two years.

The 13-room Casa Pellegrino at 2007 North Ocean Drive opened in the space of the old Tropical Breeze Motel, which was built in 1947.

Alessandro Pellegrino, who manages the hotel with his brother Giuseppe, told the Sun-Sentinel that “the hotel has changed more than 80 percent from what it was before.”

Pellegrino told the Sun-Sentinel the renovation work involved the replacement of walls and floors and the installation of new electrical and plumbing systems.

An entity controlled by the Pellegrino family bought the old Tropical Breeze Motel in November 2013 for $807,500, according to Broward County property records.

Civil engineer and entrepreneur Felice Pellegrino designed and built Casa Pellegrino. His wife Marilena Di Stefano, an interior designer, chose the furnishings and artwork.

Double-occupancy room rates at the Hollywood hotel average about $220 per night. Rooms come equipped with a kitchenette, and Wi-Fi is available. [Sun-Sentinel] — Mike Seemuth

North Lauderdale townhome project in final phase

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Townhomes at Mediterania in North Lauderdale

Townhomes at Mediterania in North Lauderdale

Construction has begun on the last 14 townhomes at a North Lauderdale development called Mediterania, which will have 58 townhomes when the final phase is done.

Prices for the two- and three-bedroom units range from $229,900 to $239,900, well below prices for most new homes and condominium units in South Florida. Amenities inside and outside the townhomes are limited.

“If someone is priced out of the single-family home market and they still want to buy something new, they’re going to have to start to look at townhomes,” Adam Canter, managing member of Capstone, told the Sun-Sentinel. “This is a good deal.”

Capstone bought the one-acre Mediterania site for $280,000 last year. The property’s North Lauderdale location is south of McNab Road on Southwest 17 Court.

With offices in North Miami and Margate, Capstone has a similar townhome development under way in Delray Beach, called Emerald Place. Capstone expects to start marketing 31 townhomes in summer at prices in the low $300,000s. [Sun-Sentinel] — Mike Seemuth

Gas pipeline venture files 160 eminent-domain suits

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Map of planned Sabal Trail natural gas pipeline

Map of planned Sabal Trail natural gas pipeline

Sabal Trail Transmission LLC, a joint venture of three utility companies including the parent of Florida Power & Light, filed 160 eminent-domain lawsuits to acquire land for a natural gas pipeline from Alabama through Georgia to Central Florida.

Sabal Trail asserts in its federal lawsuits that it has legal authority under the Natural Gas Act to acquire hundreds of acres in Alabama, Georgia and Florida for its natural gas pipeline project.

Sabal Trail claims construction of its pipeline project must start by June 21, and it must be in service by May 1, 2017. Sabal Trail is a joint venture of Spectra Energy Corp., NextEra Energy Inc., the corporate parent of FPL, and Duke Energy.

The joint venture’s lawsuits targeted 25 properties in Central Florida, most of them in Osceola County.

One of Sabal Trail’s suits, for example, would run its gas pipeline through the mid-section of a 2,400-home development in Osceola County near Intercession City proposed by GreenPointe Communities LLC.

“It’s something I’m fighting every day,” said Gerald McGratty, who oversees property for GreenPointe, told the Orlando Sentinel.  “My engineers have proposed other routes. I’m trying to get Sabal to change it. If they don’t change it, there will be consequences.”

In 2014, natural gas accounted for 61 percent of power generated in Florida, coal for 23 percent and nuclear energy for 12 percent. [Orlando Sentinel] — Mike Seemuth

Site work for project near Disney to start in summer

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Rendering of Magic Place near Walt Disney World

Rendering of Magic Place near Walt Disney World

Site work is expected to start in summer on the first phase of Magic Place, a mixed-use Central Florida development near Disney World designed by Pininfarina, an Italian firm best known for designing the Ferrari.

The first phase of Magic Place includes construction of a 25-story resort plus 40,000 square feet of retail stores and an office building with 20,000 square feet.

When subsequent phases are completed, Magic Place would have $1.7 billion of construction value in place including 250,000 square feet of retail space and 1,850 resort units including condos and hotel rooms, project manager James Mincy told the Orlando Business Journal.

“This really is going to cater to the luxury market,” Mincy told the newspaper. “And it’s ambitious. We’ll build about one building every four or five years, so it’s a 20- to 25-year project.”

Mincy also told the Orlando Business Journal that “we’ve been working behind the scenes for the last year and a half on this project, and now we’re ready to rock ’n’ roll on all the infrastructure in July.”

Orlando-based Magic Place LLC is the developer of Magic Place, part of a larger development near Disney World targeting vacationers that includes two short-term rental townhome communities with a combined total of 374 units and a 68-unit fractional ownership condominium. [Orlando Business Journal] — Mike Seemuth

Deal for mobile home parks includes 35 in Florida

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The Tallowwood Isle manufactured home community in Fort Lauderdale

The Tallowwood Isle manufactured home community in Fort Lauderdale

Publicly held Sun Communities Inc. (NYSE: SUI) agreed on a $1.68 billion deal to buy a group of manufactured housing and recreational vehicle communities, including 35 in Florida.

The planned acquisition “broadens our market share throughout Florida, where we continue to see high demand,” Gary A. Schiffman, chairman and chief executive officer of Sun Communities, said in a press release.

Southfield, Michigan-based Sun Communities agreed with Carefree Communities Inc. to acquire its common stock. Carefree owns 103 manufactured housing and RV communities with a combined total of 27,544 sites,  mostly RV sites.

Most of the 35 Carefree locations in Florida are clustered in Central Florida, according to Carefree’s website. The company has no locations in Miami-Dade County or Palm Beach County. It has one community in Broward County, Tallowwood Isle in Fort Lauderdale, and three in the Florida Keys.

The Sun Communities acquisition of Carefree also would include about 2,580 additional RV sites and about 400 more manufactured housing sites suitable for development.

Sun Communities said in a press release that the $1.68 billion transaction was expected to close no later than July  9.

Eco-architect creates sustainable home within a greenhouse: VIDEO

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Screen-Shot-2016-03-26-at-11.35

An eco-friendly house built within a greenhouse

From the New York website: Stockholm is cold. Stockholm is dark for a lot of the year. So growing fresh vegetables in the winter wouldn’t really be possible without the aid of a greenhouse. But one couple has come up with a twist on the standard greenhouse that’s allowing them to do far more than simply grow vegetables.

Stockholm residents Marie Granmar and Charles Sacilotto live in what they call Naturhus – an environmentally friendly house built within a functioning greenhouse.

Their home was inspired by Swedish the work of eco-architect Bengt Warne, according to Real Farmacy.

The design allows the couple to sunbathe or read a book on their porch in the middle of the harsh Swedish winter while growing fruits and vegetables.

The design works by capturing sunlight to warm the home and growing area during the day. Residual heat is then stored in the bedrock below the house to warm the house at night.

Check out the video below:

[Real Farmacy] Christopher Cameron

New in-fill homes planned in Tampa’s Ybor City

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Rendering of Ybor City home building project led by Michael Mincberg of Sight Real Estate

Rendering of Ybor City home building project led by Michael Mincberg of Sight Real Estate

An in-fill development group plans to restore three bungalow-style houses and build three new row-style houses in the Ybor City section of Tampa.

A group of investors lead by Michael Mincberg, president of Sight Real Estate in Tampa, is investing in the development, called Casitas En Cuatro. The development site is on Fourth Avenue in Ybor City between 18 Street and 19 Street.

Mincberg formed a group of investors in Casitas En Cuatro that includes Nick Friedman and Omar Soliman of College Hunks Hauling Junk and Jordan Vreeland, owner of a mortgage company called 14 Days to Close.

Soliman told the Tampa Bay Business Journal in a prepared statement that “we are always hearing from people in the community that they would love to live in Ybor, but that nothing is available. So when Michael [Mincberg] approached us about Casitas En Cuatro, we knew it would make for a great investment.”

Mincberg, a native of Washington, D.C., first encountered the Ybor City section of Tampa when he was a student at the University of South Florida, and he worked there as a bartender.

Among other in-fill developments, Mincberg is working on the conversion of a bottling plant in the Tampa Heights area to apartments. [Tampa Bay Business Journal] — Mike Seemuth


More downtown areas pop up in suburban cities

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Downtown Delray Beach

Downtown Delray Beach

Downtown areas in suburban South Florida cities have been popped up in recent years as developers try to accommodate people who want to live, work and play in one place.

For example, a 130-acre mixed-use development now under construction will serve as the downtown of Pembroke Pines, complete with 1,900 residential units, hotel rooms, offices, restaurants, shops and a new city hall.

Among other examples, both Boca Raton and Coral Springs are encouraging dense development of downtown areas. A new hotel and several high-rise residential buildings are under construction in the center of Boca.

Erick Valle, a town planner and architect in Coral Gables, told the Sun-Sentinel that high land prices are encouraging denser, vertical development in suburban cities: “We ran out of land. Once you run out of land, the land becomes very expensive.”

Developers designed bedroom communities in western South Florida without a center, Diane Colonna, executive director of the Margate Community Redevelopment Agency, told the Sun-Sentinel.

“They were not taking into consideration that at some point people would want to walk places,” she told the newspaper. “There’s a real desire  … for cities to have a sense of place, something that’s unique to your city, and a gathering place, a place to run into friends.”

The city of Margate has purchased 36 acres at the intersection of State Road 7 and Margate Boulevard for development of a downtown area with homes, retail stores and entertainment venues.

Other suburban cities encouraging development of downtown areas include Boynton Beach, Coconut Creek, Dania Beach, Delray Beach, Oakland Park, Pompano Beach and Tamarac. [Sun-Sentinel] — Mike Seemuth

Demolition planned for mansion that sold for $95M

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515 North County Road in Palm Beach

515 North County Road in Palm Beach (Credit: RobertStevens.com)

The owner of a Palm Beach mansion that Donald Trump sold in 2008 for $95 million will demolish the property.

The town’s Architectural Commission approved the demolition in 4-3 vote.

Trump bought the mansion at 515 North County Road in 2004 at a foreclosure auction for $41.4 million.

Trump renovated the property and sold it in 2008 to Russian billionaire Dmitry Rybolovlev for $95 million, the biggest home sale in Palm Beach history.

It was unclear if the ownership of the property had changed since Trump sold it. The estate is still owned by County Road Property LLC, the same company that bought it from Trump.

Sources familiar with the estate told the Palm Beach Daily News it could be subdivided for redevelopment of as many as three houses.

The main house spans about 62,000 square feet. The six-acre lot has 475 feet of frontage along the ocean.

The Palm Beach estate formerly was the home of health care businessman Abe Gosman, who died in 2013. He lost ownership of the estate in foreclosure. [Palm Beach Daily News] — Mike Seemuth

More retirement centers cater to affinity groups

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Thee Shantiniketan community in Tavares Florida (Credit: NPR.org)

Thee ShantiNiketan community in Tavares Florida (Credit: NPR.org)

More retirement centers are designating their properties for specific types of senior citizens including ethnic affinity groups.

For example, in Tavares, a small town near Orlando, retired Indian-Americans reside at a 55-plus community called ShantiNiketan (Sanscrit for “Peaceful Home”).

ShantiNiketan features vegetarian meals, Bollywood dance classes, even architectural touches that pay homage to all things Indian.

“We have created a mini-India, a piece of India,” Iggy Ignatius, chairman of ShantiNiketan, told The New York Times.

Ignatius also told The Times that many immigrants who moved from India to the United States in the 1960s and 1970s for educational and professional opportunities are now deciding how to retire.

“Many people were thinking they’d go back to India, but pragmatically it’s not possible,” he told The Times. “Our children are here. Our grandchildren are here.”

Ram Chandran, 77, a former corporate vice president who resides at ShantiNiketan with his wife Geeta, conducts prayers in Hindu each morning, Monday through Friday, at an on-site temple. He and Geeta lead yoga classes at the community’s meditation room.

So-called affinity group communities for retirees have proliferated, providing post-career homes for members of specific religious groups, gays and lesbians, military officers and alumni of certain universities and colleges.

Aegis Gardens is a 64-unit assisted living center in Fremont, California, for  Chinese-Americans. The staff speaks Cantonese and Mandarin and includes a Chinese chef. Tai chi sessions are available daily. The company that owns Aegis Gardens is building a $50 million campus in NewCastle, Washington, for Chinese-American retirees in independent living, assisted living or memory care.

Dr. Mukund Thakar has developed a nursing care program called Indian Nursing Home with eight locations in New Jersey, catering to immigrants from India by employing Indian doctor, nurse, dieticians and aides.

The Desi Center in Jamaica, Queens, caters to aging Bangladeshis with hot halal lunches, instruction in English and a screen that separates men from women when they exercise. [The New York Times] — Mike Seemuth

Lots of “blue sky” in Neverland Ranch’s $100M ask

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Neverland Ranch

Neverland Ranch

From the New York website: Last May, Michael Jackson’s notorious Neverland Ranch hit the market asking $100 million. But nearly a year later, the home has failed to draw interest from potential buyers, yet the price hasn’t been reduced. It turns out there is a very good reason for that.

The reason that the home hasn’t found a buyer isn’t because the 12,598-square-foot French Normandy-style home is lacking in anything. Quite the opposite: the home comes with 2,698 acres in the Santa Ynez Valley, six-bedrooms, a four-acre lake with waterfall, a pool house, three guest houses, a tennis court, and a 5,500-square-foot movie theater and stage.

And it isn’t because of a stubborn seller. According to Bloomberg News, the nation’s top homes are all taking longer to sell and the key is simply patience.

“The uber-luxury high-end market is not anywhere near where it was three, four, five years ago,” Brendon DeSimone, real estate expert with listings site Zillow.com, told Bloomberg. “That market has just really slowed down, and there are only so many billionaires who can afford to buy these homes.”

And while places like New York remain a favorite place for the international elite to story their billions, investments off the beaten path – like say, Neverland Ranch – are riskier investments. Moreover, there are no comps for a place as whimsical and talked about as Jackson’s former home.

“There’s never been a $100 million sale in the Santa Ynez Valley,” Wayne Natale, a real estate broker for nearby Village Properties, told Bloomberg. “If it was in Aspen, it would be a $100 million property, or maybe if it was in upstate New York or the Hamptons. But here, that asking price has a lot of blue sky in it.”[Bloomberg]Christopher Cameron

Homes may replace gunboat factory, corn syrup hub

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Aerial view of 31-acre Peninsula Point in Tampa

Aerial view of 31-acre Peninsula Point in Tampa

Bayfront land in Tampa marketed as a residential development site has been listed for sale with a $29.5 million asking price.

The land for sale, known as Peninsula Point, is the industrially zoned home of a Cargill distribution center for corn syrup and a manufacturer of gunboats for U.S.-allied foreign countries, among other tenants.

A rezoning of the 31-acre location, just south of the Gandy Bridge over Tampa Bay, could position it for development of 1,100 residential units.

Three other large residential developments already are under way at nearby locations. But Tampa broker Bill Eshenbaugh, who is handling the Peninsula Point listing, told the Tampa Bay Business Journal, “We think we’re going to be the gem at the end of the process.”

Eshenbaugh is marketing Peninsula Point on behalf of Viper Ventures LLC, which bought the property for  $7 million before the real estate market tanked in the late 2000s.

Eshenbaugh has enlisted the help of Coral Gables-based Simply Marinas, a specialist in marina sales, to find a tenant for a 7.3-acre piece of Peninsula Point where the gunboat manufacturer occupies a 67,000-square-foot building on a month-to-month lease. [Tampa Bay Business Journal] — Mike Seemuth

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