080224 Real Estate Directory by The Garden Island Newspaper

Manhattan building sells at a 97.5 percent discount

Matthew Haag NEW YORK TIMES

NEW YORK — In 2006, the hulking office building at 135 W. 50th St. in midtown Manhattan sold for $332 million. Tenants occupied nearly every floor; offices were in demand; real estate was booming.

On Wednesday, it changed hands again, in an unusual online auction — for $8.5 million.

The staggeringly low sale price of the 23-story glass behemoth that was once the headquarters of Sports Illustrated is the latest and perhaps most surprising sign of how the pandemic has upended the state of office buildings in New York City, home to the largest central business district in the United States.

Several large Manhattan office buildings have sold in recent years at steep discounts, some going for less than half of what the previous owners paid, in a market that has yet to hit rock bottom.

But office developers and sales brokers in New York City said they could not recall another large Manhattan building like 135 West 50th that had been sold for so little.

David Sturner, a developer whose father’s firm owned the building before selling it in 2006, was stunned by the final price.

The building, he said, “certainly wasn’t the great-

The building at 135 West 50th Street, where the office space is about one-third occupied, in Midtown Manhattan, July 25, 2024. In 2006, the building sold for $332 million. On Wednesday, the building sold in an unusual online auction — for $8.5 million.

est asset we owned” but was a “solid” property. “What’s shocking is how fast the valuations dropped now that we’ve seemingly reached bottom, or close to it,” he added. He said that the latest sale price reflected the new reality for Manhattan’s office sector. With companies embracing hybrid and remote work, employees do not visit the office as much and most buildings are no longer considered safe investments, he said. Bob Knakal, a leading commercial sales broker in the city and founder of BK Real Estate Advisors, said,

30-year mortgage rate falls to lowest level in nearly six months

Makailah Gause REUTERS

NEW YORK — The average rate on the popular U.S. 30-year mortgage rate fell to 6.73 percent this week, its lowest level since February as the bond market reacted to signs of cooling inflation.

The 30-year fixed-rate mortgage was 5 basis points lower than a week earlier when it averaged 6.78 percent, mortgage finance giant Freddie Mac said on Thursday. It averaged 6.90 percent during the same period a year ago.

“Apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind,” Chief Economist Sam Khater said in a statement.

But, he said, data showing a moderation in home price growth and increasing housing inventory are positive signs for prospective home buyers.

House prices increased 5.7 percent year-on-year in May, the smallest annual increase in 10 months as still-high mortgage rates then kept a lid on demand, the Federal Housing Finance Agency said Tuesday. More recently, though, pending home sales surged 4.8 percent in June from a month earlier, helped by the recent increase in homes for sale, the National Association of Realtors said on Wednesday. Still, even with home loan rates now more than 1 percentage point below their peak levels from last year, mortgage application volumes remain subdued.

“Many borrowers may be hoping and waiting for mortgage rates to decline even further, which is what we expect to happen once the Federal Reserve begins to cut short-term rates,” Mortgage Bankers Association Chief Executive Bob Broeksmit said in a statement.

If inflation continues to cool, the Fed could cut interest rates as soon as September, Chair Jerome Powell said Wednesday.

“Nobody ever anticipated that what has happened in the office market was going to happen.”

In many ways, 135 West 50th represents the myriad nondescript office towers that line Manhattan’s streets. Built in 1963, the building stretches about half a block and has been occupied by major companies including the New York Telephone Co. (which later became Verizon) and Zales, the jewelry retailer. For decades, buildings like it have made up the backbone of Manhattan’s booming office sector. But today, they have lost their

appeal and their value.

The building’s longtime owner, an investment fund managed by UBS Realty Investors, had previously tried to sell it for less than $50 million, but that deal fell through. So UBS Realty turned to a two-day, public online auction on Ten-X, a real estate auction site. The property was listed alongside suburban strip malls, motels and apartment buildings.

On Wednesday morning, at the Ten-X offices in Irvine, California, 135 West 50th was just one among dozens of properties being auctioned and monitored in

real time by auction agents. Floor-to-ceiling video screens ringed the space, splashed with images of the properties that are up for bidding.

Rows of agents at computers were on phone or video calls with buyers and sellers. In the last few seconds of an auction, the bids usually come in a flurry.

The auction for 135 West 50th opened earlier this week with a starting bid of $7.5 million. On Wednesday, with seconds left and only a single bid of $8.5 million, a gray box that read “reserve not met,” referring to the seller’s minimum price, suddenly turned green and changed to “reserve met” after that price was lowered. According to Ten-X, the reserve price is generally set at around three times the starting price.

As the clock ticked down to zero, the auction was extended — three times — for a total of 10 minutes and 30 seconds. The auction finally ended with a sale price that was about 2.5 percent of what the sellers had paid for it.

UBS Realty Investors declined to comment for this article. The identity of the new owner will be announced after the sale officially closes, which could take about 45 days.

135 West 50th has more than 920,000 square feet but is just 35 percent occupied with office tenants, down from about 40 percent a year ago. It is one of the least occupied large buildings in Manhattan.

“It’s a huge risk,” Knakal said, adding that the new owner might have to renovate and upgrade swaths of the building, at a cost of about $200 to $300 per square foot, to attract new tenants.

The new owner could also opt to convert 135 West 50th into residences or bulldoze it altogether to build something new. But each choice is challenging or expensive. Razing the building and constructing an entirely new one would cost, at least, hundreds of millions of dollars.

While elected officials have encouraged developers to transform many older Manhattan office buildings into apartments or condominiums, very few transformations have moved forward, largely because of the high cost.

•••

The buyer faces an immediate financial challenge: The auction was for the building itself, not the land. That is owned by a publicly traded real estate firm, which collects a monthly lease. But the rent from the building’s current tenants is not enough to cover those monthly payments, which are set to increase every five years and do not expire until 2123.

This article originally appeared in The New York Times.

GRAHAM DICKIE / NEW YORK TIMES

youneedassistancewiththeapplicationprocess,pleasecall(808)832-5961. Devicessuchasmobilephonesandtabletswithinternetaccessmaybeused, however,notalloperatingsystemssupportthisapplication.Noapplicationswillbe accepted at the HPHA’s office.

NOTICEISHEREBYGIVENthattheHawaiiPublicHousingAuthority(HPHA),in accordancewiththeU.S.DepartmentofHousingandUrbanDevelopment(HUD) regulations,HawaiiAdministrativeRulesChapter17-2028,andtheHPHA’sFederal PublicHousingAdmissionsandContinuedOccupancyPolicy(ACOP),willopen waitinglistsforlow-incomeapplicantswithapreferenceforthefederalpublic housingprogramonOahu.Eachgeographicwaitinglistdescribedbelowwillbe open for 7 days.

Onlineapplicationswillbeacceptedfromeligibleapplicantswiththe followingpreference:(1)InvoluntarilyDisplaced byadisaster,government action,oractionofhousingownerforreasonsbeyondtheapplicant’scontroland despitetheapplicantmeetingconditionsofoccupancy(excludingincreaseinrent); (2)VictimofDomesticViolence whoisparticipatinginaprogramwithcase managementthroughadomesticviolenceshelter,programorclearinghouse;or (3) Homeless person participatinginafederallyorstatefundedhomelessshelter orprogramandareincompliancewithasocialserviceplan.Forassistancewiththe online application process, please call (808) 832-5961. TheHPHAhasadoptedalottery/randomselectionpolicy.Followingtheclosingof eachgeographicwaitinglist,theHPHAwillusealotterytorandomlyselecta certainnumberofapplicantstobeplacedonthewaitinglist.Theorderofall applicants selected to be on the waiting list will be by random selection. Applicationswillbeactivefor18monthsfromthedateofplacementonthewaiting list and will then expire.

Forthe Honolulu,Oahu waitinglist(Ka‘ahumanuHomes,KalakauaHomes,Kalihi ValleyHomes,KamehamehaHomes,KuhioHomes,MayorWrightHomes,Palolo Valley Homes, Pu‘uwai Momi, Salt Lake Apartments, and Spencer House):

Waitlistopeningfor7daysfrom8:00amonMonday,August5,2024, through 4:00pm on Sunday, August 11, 2024.

Accepting online applications from eligible applicants for bedroom sizes: 2-bedroom,3bedroom,4-bedroom,or5-bedroom.TheHPHAwillusea lottery to randomly select 2,000 applicants on this list.

Forthe Leeward,Oahu waitinglist(HaleLaulima,Kau‘iokalani,MailiI&II, Nanakuli Homes, Waimaha-Sunflower, and Waipahu I & II):

Waitlistopeningfor7daysfrom8:00amonMonday,August12,2024, through 4:00pm on Sunday, August 18, 2024.

Accepting online applications from eligible applicants for bedroom sizes: 2-bedroomor3-bedroom.TheHPHAwillusealotterytorandomlyselect 1,000 applicants to be placed on this list.

Forthe Honolulu,Oahu waitinglist(PunchbowlHomes,Kalanihuia,Makamae, Makua Ali‘i, Paoakalani, and Pumehana):

Waitlistopeningfor7daysfrom8:00amonMonday,August19,2024, through 4:00pm on Sunday, August 25, 2024.

Acceptingonlineapplicationsfromeligibleapplicantswhoarealso atleast 62yearsoldorapersonwithadisability andmeetthefollowingbedroom sizes:studio(1person),1-bedroom,or2bedroom.TheHPHAwillusea lottery to randomly select 1,000 applicants to be placed on this list. For the Central, Oahu waiting list (Kupuna Home O‘Waialua):

Waitlistopeningfor7daysfrom8:00amonMonday,August26,2024, through 4:00pm on Sunday, September 1, 2024.

Acceptingonlineapplicationsfromeligibleapplicantswhoarealsoatleast 62yearsoldorapersonwithadisabilityandmeetthefollowingbedroom size:studio(1person)TheHPHAwillusealotterytorandomlyselect500 applicants to be placed on this list.

HowdoIsubmitanapplication? Applicationscanonlybesubmittedonline.If

1. Bepreparedbyhavingthenames,datesofbirth,andsocialsecurity numbersavailableforallpersonswhowillbelistedonyourapplication.You willneedtoknowthemonthlygrossincome(beforetaxes)foreachsource ofincomeforallpersonslistedonyourapplication.Youmustlistallthe sources of income individually.

2. Completetheapplicationonlineatwww.hpha.hawaii.govbyclickingon “Apply Online Here”.

3. Applicationssubmittedbeforeorafterthewaitinglistopeningperiodwillbe automaticallyrejectedandnotacceptedbytheHPHA.Applicationsnotfully completed(i.e.,inthemiddleofsubmission)priortotheclosingwillbe rejected.

4. Printyourreceipt,takeapictureof,orwritedownyourApplication ConfirmationNumber.Aconfirmationreceiptisissuedimmediatelyafterthe application is submitted. Print and save this confirmation.

Applicantscanonlyapplyforonegeographicwaitinglist.Noduplicate applicationswillbeaccepted. Anyduplicateapplicationswithsameorsimilar householdmemberswillhavebothapplicationsdenied.Priortoaddingany householdstothewaitinglist,theHPHAwillconductextensivecrosschecksto removeduplicateapplications.Submittingaduplicateapplicationwillnotimprove yourchancesofbeingselectedandcansignificantlydelayhousingforother applicants.

Thereis nofeeorchargetoapplyforhousingwiththeHPHA. Applicantsare encouragedtoimmediatelyreportanyindividualororganizationwhoattemptsto chargeafeeforcompletionoftheHPHA’sapplicationprocess.Applicantsshould not respond to any fraudulent requests for an application fee.

Organizations that may be able to assist with the application process are:

We Are Oceania 720 North King Street, Honolulu, HI 96817 (808) 913-1364 contact@weareoceania.org

Catholic Charities 1822 Keeaumoku St, Honolulu, HI 96822 (808) 527-4777 info@catholiccharitieshawaii.org

Parents and Children Together (PACT) 1485 Linapuni St., Honolulu, HI 96819 (808) 841-6177 admin@pacthawaii.org

Helping Hands Hawaii 2100 N Nimitz Hwy, Honolulu, HI 96819 (808) 536-7234 hhh@helpinghandshawaii.org

Honolulu Community Action Program (HCAP) 1132 Bishop St. Suite 100, Honolulu, HI 96813 (808) 521-4531 hcap@hcapweb.org

Applicantswhorequireareasonableaccommodationmaycall(808)832-5961or TTY/TDD:(808)7434594forassistancewithareasonableaccommodationor email hpha@hawaii.gov

Need a Language Interpreter? Please call (808) 832-5961. Visitourwebsiteat www.hpha.hawaii.gov formoreinformationaboutourprograms. For general questions regarding the waiting list, please call (808) 832-5961. (TGI1463654 8/2/24)

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TO: ISAIAH CATIGGAY

IN THE MATTER OF ADOPTION OF ) CASE NO. 5FAN-24-11 A MALE CHILD ) BORN ON 12/27/2017 ) NOTICE OF HEARING ) BY ) ) KEKOA CATIGGAY-KANAHELE ) ) AN UNMARRIED PERSON. ) ________________________________ ) NOTICE OF HEARING

DATED: LIHUE, Kaua‘i, Hawai‘i,

22, 2024.

Youareherebynotifiedthattheforegoingmatterintheabove-entitledcasewill beheardbeforethePresidingJudgeoftheFamilyCourt,FifthCircuit,Pu‘uhonua KaulikeBuilding,3970Ka’anaStreet,Courtroom#1,Lihu‘e,Kaua‘ionTHURSDAY, the29thdayofAUGUST,2024at8:00a.m.orassoonthereafterasthemattercan be heard. Ifyouwishtoseektheadviceofanattorney,dosopromptly.Youmustappear at the hearing with or without an attorney. Ifyoufailtoappearatthehearing,thereliefrequestedmaybegrantedwithout further notice to you.

Legals/Public Notices

State of Hawaii Hawaii Public Housing Authority OPENING OF OAHU FEDERAL PUBLIC HOUSING WAITING LISTS

NOTICE IS HEREBY GIVEN that the Hawaii Public Housing Authority (HPHA), in accordance with the U.S. Department of Housing and Urban Development (HUD) regulations, Hawaii Administrative Rules Chapter 17-2028, and the HPHA’s Federal Public Housing Admissions and Continued Occupancy Policy (ACOP), will open waiting lists for low-income applicants with a preference for the federal public housing program on Oahu. Each geographic waiting list described below will be open for 7 days.

Online applications will be accepted from eligible applicants with the following preference: (1) Involuntarily

Displaced by a disaster, government action, or action of housing owner for reasons beyond the applicant’s control and despite the applicant meeting conditions of occupancy (excluding increase in rent); (2) Victim of Domestic Violence who is participating in a program with case management through a domestic violence shelter, program or clearinghouse; or (3) Homeless person participating in a federally or state funded homeless shelter or program and are in compliance with a social service plan. For assistance with the online application process, please call (808) 832-5961.

The HPHA has adopted a lottery/random selection policy. Following the closing of each geographic waiting list, the HPHA will use a lottery to randomly select a certain number of applicants to be placed on the waiting list. The order of all applicants selected to be on the waiting list will be by random selection. Applications will be active for 18 months from the date of placement on the waiting list and will then expire.

For the Honolulu, Oahu waiting list (Ka‘ahumanu Homes, Kalakaua Homes, Kalihi Valley Homes, Kamehameha Homes, Kuhio Homes, Mayor Wright Homes, Palolo Valley Homes, Pu‘uwai Momi, Salt Lake Apartments, and Spencer House):

Waitlist opening for 7 days from 8:00am on Monday, August 5, 2024, through 4:00pm on Sunday, August 11, 2024.

Accepting online applications from eligible applicants for bedroom sizes: 2-bedroom, 3 bedroom, 4-bedroom, or 5-bedroom. The HPHA will use a lottery to randomly select all applicants on this list.

For the Leeward, Oahu waiting list (Hale Laulima, Kau‘iokalani, Maili I & II, Nanakuli Homes, Waimaha-Sunﬂower, and Waipahu I & II):

Waitlist opening for 7 days from 8:00am on Monday, August 12, 2024, through 4:00pm on Sunday, August 18, 2024.

Accepting online applications from eligible applicants for bedroom sizes: 2-bedroom or 3-bedroom. The HPHA will use a lottery to randomly select all applicants to be placed on this list.

For the Honolulu, Oahu waiting list (Punchbowl Homes, Kalanihuia, Makamae, Makua Ali‘i, Paoakalani, and Pumehana):

Waitlist opening for 7 days from 8:00 am on Monday, August 19, 2024, through 4:00pm on Sunday, August 25, 2024.

Accepting online applications from eligible applicants who are also at least 62 years old or a person with a disability and meet the following bedroom sizes: studio (1 person), 1-bedroom, or 2 bedroom. The HPHA will use a lottery to randomly select all applicants to be placed on this list.

For the Central, Oahu waiting list (Kupuna Home O‘Waialua):

Waitlist opening for 7 days from 8:00 am on Monday, August 26, 2024, through 4:00pm on Sunday, September 1, 2024.

Accepting online applications from eligible applicants who are also at least 62 years old or a person with a disability and meet the following bedroom size: studio (1 person) The HPHA will use a lottery to randomly select all applicants to be placed on this list.

How do I submit an application? Applications can only be submitted online. If you need assistance with the application process, please call (808) 832-5961. Devices such as mobile phones and tablets with internet access may be used, however, not all operating systems support this application. No applications will be accepted at the HPHA’s ofﬁce.

1. Be prepared by having the names, dates of birth, and social security numbers available for all persons who will be listed on your application. You will need to know the monthly gross income (before taxes) for each source of income for all persons listed on your application. You must list all the sources of income individually.

2. Complete the application online at www.hpha.hawaii.gov by clicking on “Apply Online Here”.

3. Applications submitted before or after the waiting list opening period will be automatically rejected and not accepted by the HPHA. Applications not fully completed (i.e., in the middle of submission) prior to the closing will be rejected.

4. Print your receipt, take a picture of, or write down your Application Confirmation Number. A confirmation receipt is issued immediately after the application is submitted. Print and save this confirmation. Applicants can only apply for one geographic waiting list. No duplicate applications will be accepted. Any duplicate applications with same or similar household members will have both applications denied. Prior to adding any households to the waiting list, the HPHA will conduct extensive crosschecks to remove duplicate applications. Submitting a duplicate application will not improve your chances of being selected and can significantly delay housing for other applicants.

Does submitting an application mean I’m on the waiting list? No, the HPHA will be using a lottery to select a certain number of applicants to be placed on the waiting list. Following the closing of the waiting list, the HPHA will assign a position number after the lottery and the applicant will be placed on the applicable geographic waiting list unless rejected due to reasons listed above. All applicants will be notiﬁed by e-mail if they were selected by the lottery to be placed on the waiting list. Please do not contact the HPHA prior to receiving conﬁrmation of placement on a waiting list. No information can be given out over the phone regarding the waiting list placements. There is no fee or charge to apply for housing with the HPHA. Applicants are encouraged to immediately report any individual or organization who attempts to charge a fee for completion of the HPHA’s application process. Applicants should not respond to any fraudulent requests for an application fee. Organizations that may be able to assist with the application process are:

We Are Oceania 720 North King Street, Honolulu, HI 96817 (808) 913-1364 contact@weareoceania.org

Catholic Charities 1822 Keeaumoku St, Honolulu, HI 96822 (808) 527-4777 info@catholiccharitieshawaii.org

Parents and Children Together (PACT) 1485 Linapuni St., Honolulu, HI 96819 (808) 841-6177 admin@pacthawaii.org

Helping Hands Hawaii 2100 N Nimitz Hwy, Honolulu, HI 96819 (808) 536-7234 hhh@helpinghandshawaii.org

Honolulu Community Action Program (HCAP) 1132 Bishop St. Suite 100, Honolulu, HI 96813 (808) 521-4531 hcap@hcapweb.org

Applicants who require a reasonable accommodation may call (808) 832-5961 or TTY/TDD: (808) 743 4594 for assistance with a reasonable accommodation or email hpha@hawaii.gov

Need a Language Interpreter? Please call (808) 832-5961. Interpreters will also be available via Zoom on the following dates and times.

Monday 08/059:00 am–10:00 am 10:00 am–11:00 am 11:00 am–12:00 pm

Marshallese | Kajin M̧ajeļ, Kajin Majōl

Cantonese/Mandarin | 简体中文 / 繁体中文

Vietnamese |

https://zoom.us/j/7870674228?omn=92126160003

Meeting ID: 787 067 4228

Tuesday 08/069:00 am -10:00 am 10:00 am - 11:00 am Korean | Chuukese | Chuuk

Monday 08/129:00 am–10:00 am 10:00 am–11:00 am 11:00 am–12:00 pm