iStar money and the Superblock

Just a little perspective on iStar, proposed Superblock builder. According to their web site, they've made "approximately $35 billion of completed financing transactions" since their formation in 1993. This year's Nassau County budget was appx $2.8 Billion. So I'd estimate that iStar has handled more money than the entire Nassau County government has in the same period. iStar's 2012 Annual report says their "current portfolio" is $6.1 Billion. It also states -

"Our residential operating assets consist of luxury condominium projects across the U.S. Our strategy has been to complete unfinished developments, reposition and reintroduce the assets to the market, with a goal of selling out the projects at significantly improved economics."

I think since the City "settled" on the rights, iStar can call the shots. The only reason I hope they will compromise on the scope of the towers is that it would serve them as good P.R. Us screamers might be a tiny little smidgen of bad P.R. Of course the Superblock should be developed, but putting both the financing and building in the hands of this one company concentrates an awful lot of power. Luckily, iStar is in the business of making money, so I doubt their project will flop. But of course the problems about LB infrastructure, etc will not concern their bottom line. Neither will the nature of the tenants, as long as the rent is paid. Neither will the effect on the neighbors, the water table, the shadows etc etc etc. Hopefully, somebody in some level of government will have the spine to enforce the codes that are already on the books.

Information from http://www.istarfinancial.com/

Feel free to re-post this info on other boards or check it out for yourself.

beachbingo February 13, 2014 at 10:34 PM
According to Fitch (bond ratings svc.) iStar's ratings and outlook may, in Fitch's opinion, be negatively impacted by the following: "An increase in the operating property segment as a percentage of the company's investments". Hey, little question they are a large financial company. But the major concern to LB has to be the many specifics of their proposed Superblock project which for iStar may just be one piece of a much larger puzzle. If important items are missed LB could be unintentionally "invested" in iStar's mistake for a considerable period of time even if iStar moves on.
Penquin February 13, 2014 at 10:51 PM
First - Bob - I really do enjoy your posts . We are screaming because we are passionate about our city. I-Star is a publicly held corporation. The Zoning meet on 2/27. Lets check the stock on 2/26 and see how its changed on 2/28. Beachbingo - what items could be missed
Penquin February 13, 2014 at 10:52 PM
BeachBingo - What important items can be missed?
Bob West February 13, 2014 at 11:19 PM
Re iStar's financial outlook- Thank you BeachBingo. Hope you can keep filling in these blanks for us. I know very little about this kind of economics, I just got jarred when I read their strategy is to buy and move on as soon as they can make a profit. @ Penguin - I am one of "Us screamers" but I just didn't realize the power of iStar until I read more today.
beachbingo February 14, 2014 at 12:10 AM
Penguin-- I posted earlier this evening here, on the 60+post Superblock board, 5 important items the ZBA must balance by statute re: an area (height) variance. I think the 5 items are important for everyone to think about. There's more to it for sure but all 5 points I mentioned should be considered.
Bob West February 14, 2014 at 12:56 AM
beachbingo's post on the other thread is really crucial compared to what I have to offer. Hope he/she doesn't mind that I'm putting a link to it here- http://longbeach.patch.com/groups/opinion/p/superblock-reminder#comment-41227663
Sent from my Lear Jet February 14, 2014 at 05:05 AM
Sound like pump and dump/fly by night.
Penquin February 14, 2014 at 08:51 AM
Thanks BeachBingo -= I saw that last night - makes for good learning. Bob - I love your posts. I started to scream because the real questions were not being answered - everything glossed over - hunky dory. I asked straight financial questions. Planning that any business would do with a new "acquisition."
Penquin February 14, 2014 at 08:56 AM
I knew they were a public company, but that's all I knew. Fitch bond rating. Beach/Bob - any advice as to how to learn more about them? Thank you
Penquin February 14, 2014 at 09:25 AM
I asked this question on another thread.... Does Fema/Flood insurance require the building to be built on a podium - just as residential developments? If so, that extra 10-20 feet are not taken into account in the proposal which is 10ft x 16 floors. Look at the picture. Looks raised up. Thank you guys. How did you learn its a pump and dump. Thanks again!
Sent from my Lear Jet February 14, 2014 at 10:45 AM
From last sentence here:http://longbeach.patch.com/groups/opinion/p/superblock-reminder#comment-41227663
Penquin February 14, 2014 at 11:40 AM
Thank you LJ


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