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Oxford Capital has the following updates:

  • Dramatic improvement in profitability and RevPAR ( Revenue Per Available Room) index in 2015 as hotel continues to ramp up since opening
  • General Manager named finalist for Hotelier of the Year – Stars of the Industry.
  • Won two Adrian national awards for Digital Advertising and PR campaigns
  • More than 250 million hits on social media and electronic advertising in 2015
  • Numerous events created buzz in the market and national recognition including; Derby Days, Halloween Haunted House, New Year’s Eve
  • Designed, constructed, and opened Dolce Italian Restaurant and Dolce Sidewalk Cafe
  • Upgraded lighting and added/improved seating package at exterior portion of the Indoor-Outdoor rooftop lounge
  • Added in-room refrigerators to all bedrooms
  • Designed, fabricated and installed winter wear lobby carpet




Victor Group and Lend Lease have presented the following updates:

  • Demolition of existing structures is complete as of March, 2016
  • Excavation will start in March, 2016
  • Acquisition Lender has agreed to extend the terms of the existing loan and will continue to fund the project until the senior loan is closed
  • Senior Construction Loan is expected to close in the last quarter of 2016
  • Jeffrey Beers International (interior designer) is finalizing the interior finish package for the building and is presenting preliminary  designs for the Lobby, Amenity Spaces and Retail Box
  • Rafael Vinoly’s design for the building has been finalized and a rendering will be released soon
  • Superstructure will start in November, 2016
  • Sales will start in January, 2017
  • Superstructure Top out in September, 2017
  • First TCO in February, 2018
  • Construction will be complete in August, 2018


Site Pictures 

Photo Mar 04, 3 08 42 PM (1) Photo Mar 04, 3 14 21 PM

Photo Mar 06, 2 39 58 PM









Market Analysis Update

New York Luxury Residential Product Summary

Established market premiums and advantageous development attributes suggest that 281 Fifth Avenue could achieve pricing levels between $2700-$3300 per square foot by synergizing world-class architecture and design with a truly comprehensive luxury lifestyle. 281 Fifth Avenue will offer an alternative at a lower price to luxury buyers in New York. Below is a comparison of 281 Fifth Avenue and high end luxury condominiums in New York:

220 Central Park South

15 CPW



The least expensive unit starts at $5,000 PSF and the majority of the development ranges from $7,500-$10,500 PSF. Most of the units under contract are averaging $8,000 PSF. The project offers more intimately scaled floor plates with prices between 6,000-7,000 PSF.



15 Central Park West

220 CP



The project continues to set record pricing despite being in 3rd generation resales. Over the past 4 years, pricing in both the front facing villa and rear tower have ranged between $7,000-$9,000 PSF. It is also important to note that the building is 548′ high and contains over 200 units.




One 57



Recent contracts in the mid- rise commanded $30-$40 million. A 14,000 SF tower floor is in contract for $ 90 million with the strong probability of achieving over $9,500 PSF on an anticipated re-sale of the residence. The building is seeing current averages of $8,500 PSF.



432 Park Avenue

432 Park



432 Park is the tallest residential tower in the Western Hemisphere.This building is nearing $1 billion in sales with tower floors achieving over $8,000 PSF. A penthouse floor is currently in contract for $96 million, approximately $12,000 PSF.



281 Fifth Avenue

281 Fifth


Each residential rental unit will include luxurious marble spa baths, extra-high ceilings, over-sized eat-in kitchens, and floor-to-ceiling windows in every direction. Attractive pricing at an average of $3,000 PSF will offer relative value to prime Midtown towers at $6,000+ per square foot such as One57, 432 Park, 220 Central Park South and 432 Park.





Douglas Elliman chairman Howard Lorber is rather optimistic about the state of New York City’s real estate in the new year.

The average sales price for an apartment in Manhattan in 2014 hit a record-setting $1.72 million, a 19 percent jump from the year before, according to Douglas Elliman, and now go for roughly $1,300 per square foot. Due to strong demand, half of all sales in Manhattan went for at least the asking price in 2014, according to CNBC.

CNBC’s Robert Frank asked Lorber if this trend will continue in the new year. In December alone, Lorber said, four apartments in new developments were sold for an average price of $30 million. “So we know that we are going to have a good start to the new year.”

People will continue to pay top dollar for luxury units in upscale new developments such as One57 and 432 Park, Lorber said. While many buyers at the top of the market are foreign, Lorber said those buyers focus mostly on the area around Central Park. Downtown, the city’s “hottest” market, according to Lorber, barely sees any foreign investors. At One57, Lorber estimated that roughly two thirds are foreign buyers. At 432 Park, he said, about two thirds of the buyers are domestic.

He added: “The numbers are going to look astronomical for 2015.” [CNBC] — Claire Moses

New York will remain focus of investors: experts

As the Chinese increase real-estate investments in the United States, they are likely to continue to focus on major cities and metropolitan areas like New York, according to real estate industry professionals.

“I expect the Chinese to continue to focus on the gateway cities like New York, Los Angeles and San Francisco,” said Michael Krupa, president of Gemdale USA, a unit of one of Asia’s largest real-estate companies. “Those areas have and are likely to maintain strong fundamentals.”

He made his comments at the 8th annual China Business Conference at Columbia University in New York on March 27. Krupa was part of a panel that explored the topic A Tidal Wave of Chinese Real Estate Investment.

Moderator Leanne Lachman, president of Lachman Associates, an independent real estate consulting company, noted that more than $40 billion of Chinese money has gone into commercial real estate with one-third in the US and most of that in New York City.

Omer Ozden, executive director of XIN Development, the US development arm of Xinyuan Real Estate Co Ltd, described a company development in the Williamsburg section of Brooklyn involving luxury condominiums. “We are building luxury for the local market and have sold over 70 percent of our units to local buyers,” he said.

Ozden said XIN will continue to target New York and the other gateway cities. “I believe the Chinese will focus on these areas for at least the next 5-7 years” before turning their attention to other US areas.

Familiarity and the promise of a safe haven will keep Chinese money flowing into US real estate, said Dan Weil, CEO of Salmon Run Capital. “If the world is getting funky where do you want to put your money? The US is a safe investment haven,” he said.

“New York City has and will remain the No 1 city for foreign real estate investment,” added Louis Katsos, president of Jekmar Associates Inc, a consulting and development consulting company.

Lachman noted that the members of the panel are all “white (Caucasian) men,” and then asked how they have fared in Chinese and Asian circles. “The Chinese need to build trust and they need to find people they are comfortable with so I focus on that,” said Jeffrey Dvorett, executive vice-president and head of development for Kuafu Properties. He also said they appreciate competence in a specific area. “We know how New York real estate operates and that’s what we emphasize.”

In the future, Weil believes that the panel will be much more diverse. “Most of you (referring to the large number of Chinese students in attendance) will be taking our place and that’s the way it should be. You will have the knowledge and skills to compete.”

Lachman asked how this wave of heavy commercial real estate investing can avoid the same fate that befell the Japanese in the late 1980s and early 1990s.

“It’s a different time period now,” Katsos said. “The Chinese know that as the world gets more dangerous capital is coming to the US and especially New York City.”

“The transparency of information due to the Internet will help the Chinese to make better decisions,” said Dvorett.

Panel members also discussed the EB-5 visa program in the US. Lachman said that approximately 85 percent of EB-5 funds come from China. EB-5 is an alternative way for immigrant investors to obtain a US visa. It was created in 1990 to help stimulate the economy through job creation and foreign investment. With a minimum of $1 million — or $500,000 in low employment or rural areas — an EB-5 investor must create at least 10 full-time jobs through the project they are working toward completing. In return, the investor is eligible for permanent US residency.

“The bulk of EB-5 is for students whose parents are trying to buy them a chance to go to school in America,” said Weil. “New York and California are biggest locations for EB-5 funding mainly because they were the first to take advantage of it.

“Don’t expect this (EB-5) to continue forever,” he continued. “I see this going on for another five years or so but eventually it will end.”


During the 90-day period prior to the expiration of the conditional period, the investor should file a completed Petition by Entrepreneur to Remove Conditions (Form I-829) to USCIS. In this petition, the foreign investor must demonstrate that the investment was sustained over the two-year conditional period, and…..

FORM I-526

If the foreign investor is residing within the US and has received Form I-526 approval, he or she may obtain conditional resident status by submitting a completed Application to Register Permanent Residence or Adjust Status (Form I-485) to USCIS. If residing outside the US…


To obtain immigrant investor status, the foreign investor must submit a completed Immigrant Petition by Alien Entrepreneur Form (Form I-526) to US Citizenship and Immigration Services (USCIS) along with supporting documentation clearly….