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81-496: Mediaspree is one of the largest property investment projects in Berlin. It aims to establish telecommunication and media companies along a section of the banks of the river Spree as well as to implement an urban renewal of the surrounding area. So far, for the most part, unused or temporarily occupied real estate is to be converted into office buildings, lofts, hotels, and other new structures. The plans date predominantly from

162-540: A 2022 Bloomberg News article noting that BiggerPockets added "Repeat" to the end, making it "BRRRR" to describe a real estate investing strategy of Buy, Rehab, Rent, Refinance, Repeat. According to Lima et al. (2022), in Ireland, the financialization of rental housing , which includes the entry of institutional investors into urban rental housing markets, contributed to structural factors that create homelessness , directly, by worsening affordability and security in

243-529: A broker for the corresponding spaces and properties of the Spree-zone; to advise resident businesses as well as those interested in relocating there; to develop contacts between owners, agencies and sponsors; and to take steps toward marketing and image-building. After public sponsorship ran out, Mediaspree e.V. was dissolved on 31 December 2008. Its duties are now fulfilled by a property association, recently constituted, which nonetheless still operates under

324-440: A conventional mortgage) is one mathematical measure of the risk an investor is taking by using leverage to finance the purchase of a property. Investors usually seek to decrease their equity requirements and increase their leverage, so that their return on investment is maximized. Lenders and other financial institutions usually have minimum equity requirements for real estate investments they are being asked to finance, typically on

405-594: A full-range supplier for TV productions and satellite communications technology owned by Helmut Audrit . A new building was constructed between July 2007 and February 2009 between BEHALA's former harbor offices and cafeteria. The Fernsehwerft (TV Dockyard) houses two modern TV studios, cutting rooms and offices across a surface area of approximately 6,000m² (64,583sq.ft.). The building is used by sister companies A-Medialynx GmbH (already based nearby in Stralauer Allee 8) and fernsehwerft GmbH . Since July 2009,

486-453: A historical monument of engineering. In early 2004, the headquarters of the German broadcaster MTV Germany moved from Munich to Stralauer Alle 6/7, into a former BEHALA warehouse, which was thoroughly refurbished. To the west, between 2006 and 2007, a new building was erected for the affiliate broadcast group Viacom ( VIVA , VIVA Plus, Nickelodeon and Comedy Central ). The building has

567-588: A historical monument, is connected to two modern wings by a glass atrium . The businesses and institutions that reside in the EnergieForum are " green energy " companies that have established themselves in the fields of environmentally friendly and renewable energy as well as energy efficiency. The East-Side-Park is situated between the East Side Gallery and the Spree. Like the planned "Park on

648-477: A location for its European service center. The building was constructed between 1906 and 1912 by the Deutsche Gasglühlicht AG (German Gaslight Co., de ) as part of a gaslight plant and was Berlin's first high-rise building. The addition of glass construction to heighten the building occurred in 1963. From mid-1997 to mid-2000, the plant was converted into an office building and is now listed as

729-429: A period of 27.5 years. Some tax shelter benefits can be transferable, depending on the laws governing tax liability in the jurisdiction where the property is located. These can be sold to others for a cash return or other benefits. Equity build-up is the increase in the investor's equity ratio as the portion of debt service payments devoted to principal accrue over time. Equity build-up counts as positive cash flow from

810-541: A private lender using a short-term bridge loan like a hard money loan . Hard money loans are usually short-term loans where the lender charges a much higher interest rate because of the higher-risk nature of the loan. Hard money loans are typically at a much lower loan-to-value ratio than conventional mortgages. Some real estate investment organizations, such as real estate investment trusts (REITs) and some pension funds and hedge funds , have large enough capital reserves and investment strategies to allow 100% equity in

891-657: A private sector initiative as a consortium of different interest groups: investors from the building and construction industry, property owners that, after the Wende (i.e., the fall of the Berlin Wall and the reunification of Germany ), had acquired the previously unused land around the path of the Berlin Wall, as well as representatives from the Senate, Borough, and Chamber of Industry and Commerce ( IHK : Industrie- und Handelskammer ). The borough of Friedrichshain-Kreuzberg

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972-415: A property and quickly selling it for a profit, with or without repairs. BRRR is a long-term investment strategy that involves renting out a property and letting it appreciate in value before selling it. Renting out a BRRR property provides a stable passive income source that is used to cover mortgage payments while home price appreciation increases future capital gains . The phrase was slightly updated in

1053-565: A property, minus the sum of ongoing expenses, such as maintenance, utilities, fees, taxes, and other expenses. Rent is one of the main sources of revenue in commercial real estate investment. Tenants pay an agreed upon sum to landlords in exchange for the use of real property, and may also pay a portion of upkeep or operating expenses on the property. Tax shelter offsets occur in one of three ways: depreciation (which may sometimes be accelerated), tax credits, and carryover losses which reduce tax liability charged against income from other sources for

1134-413: A real estate investment. Information asymmetry is commonplace in real estate markets, where one party may have more accurate information regarding the actual value of the property. Real estate investors typically use a variety of real estate appraisal techniques to determine the value of properties before purchase. This typically includes gathering documents and information about the property, inspecting

1215-535: A special purpose vehicle for all or part of the equity capital needed for the acquisition. Fundrise was the first company to crowdfund a real estate investment in the United States. Real estate properties may generate revenue through a number of means, including net operating income , tax shelter offsets, equity build-up, and capital appreciation . Net operating income is the sum of all profits from rents and other sources of ordinary income generated by

1296-504: A square layout with an edge-length of approximately 40 m (130 ft) and a height of approximately 19 m (62 ft). The building houses offices for 300 employees, archival and technical areas, common areas and an in-house daycare center. The clay brick façade of the new building was intended to match the neighboring warehouse in both brick-shape and color. The former harbor offices of BEHALA at Stralauer Allee 8 were renovated in 2007 and subsequently occupied by A-Medialynx GmbH ,

1377-741: Is also a car workshop for the luxury line Lexus , which Toyota owns. Since July 2002, the German headquarters of the Universal Music corporation has been located at Stralauer Allee 1, in a former Eierkühlhaus (egg cold-storage warehouse), which was built in 1928/1929 and designed by the Dresden's building officer, Oskar Pusch . The functional and heritage-protected façade of this former refrigerated warehouse features elements of Bauhaus architecture: 25 cm (9.8 in) thick brickwork walls with diamond-shaped decorative patterns made of clinker bricks and molded ceilings. After being closed down,

1458-515: Is bordered on the west by Warschauer Straße, on the north by Bahnstrasse as well as the S-Bahn station Warschauer Straße , on the east by Lehmbruckstraße and to the south by the river Spree. The name of the complex comes from the neighboring Oberbaumbrücke . After Narva and Osram had completely halted production in 1992, the existing buildings were completely gutted, along with their heritage-protected façades, and were expanded and renovated under

1539-411: Is considered in pre-foreclosure when the homeowner has defaulted on their mortgage loan. Formal foreclosure processes vary by state and may be judicial or non-judicial, which affects the length of time the property is in the pre-foreclosure phase. Once the formal foreclosure processes are underway, these properties can be purchased at a public sale, usually called a foreclosure auction or sheriff's sale. If

1620-432: Is fixed in a specific location and derives much of its value from that location. With residential real estate, the perceived safety of a neighbourhood and the number of services or amenities nearby can increase the value of a property. For this reason, the economic and social situation in an area is often a major factor in determining the value of its real estate. Property valuation is often the preliminary step taken during

1701-488: Is listed as a historical monument of turn-of-the-century industrial architecture for its clinker brick façade, pilasters and moldings of limestone. In 2006, it was thoroughly cleaned, refurbished and renovated by Labels Projektmanagement GmbH & Co. KG in close cooperation with its future occupants. After the completion, eight fashion companies set up showrooms in that location, including Hugo Boss , Esprit and Tom Tailor . Additional new construction has been underway in

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1782-499: Is one of the most criticized projects of the Mediaspree . Complaints have primarily been about the immense size and light intensity of the outdoor LED screens as well as the course of the building's construction, which has been seen as insensitive (see East-Side-Park above). In January 2015, it was announced that the arena will bear the name Mercedes-Benz Arena from July 2015 for a term of 20 years. This customer service center for

1863-706: Is rented out to various businesses, of which 6,700m² (72,118sq.ft.) goes to 50Hertz Transmission GmbH . Arena Berlin on Eichenstraße 4 is an event venue in Berlin-Treptow . It is located in a former bus garage for the Berliner Verkehrsbetriebe ( BVG , Berlin Transport Company). When it was built in 1927 by the architect Franz Ahrens, it was the largest unsupported hall in Europe, at 7,000m² (75,347sq.ft.). During World War II, it

1944-601: Is the Anschutz Entertainment Group . The construction costs amount to 165 million Euros and were mostly absorbed by the Berlin Senate . The naming rights agreement with O 2 (Germany) was set to last for a period 15 years. Since the opening of the arena, it has hosted home games for the city's hockey team, Eisbären Berlin , and their basketball team, Alba Berlin . It is also used for concerts and conventions. The Mercedes-Benz Arena

2025-489: The Elsenbrücke bridge. The highest part is the tower, visible from a distance, which at 125 m (410 ft) is the tallest office building in Berlin. The already-existing buildings that were part of VEB Electronics Factory—in operation until 1995—were integrated into the new construction. The developer and owner is Roland Ernst Städtebau GmbH. After completion of the complex in 1998 it was taken over by Allianz SE ;

2106-848: The Fernsehwerft (TV-Wharf), the cleaning of the Viktoria-Mühle (Victoria Mill), the Wissinger Höfe (Wissinger Courtyards), the former army bakery and the Josetti-Höfe (Josetti Courtyards). In contrast, as-yet unfinished projects include Spree Urban and Spreeport , the Columbus-Haus, the development of the area around Postbahnhof (the postal train station, de ), the Anschutz site, BSR's Quartier in Orange ,

2187-626: The GDR side, portions of the industrial buildings were transformed into watchtowers for border security. The Berlin Wall ran along the northern bank of the Spree, parallel to the river that marked the official border. On the West-Berlin side, south of the Spree and bordering on Kreuzberg , stood various alternative projects. The restructuring of the area after the Wende began slowly. An approximately 1.3 km (0.8 mi) long section of

2268-503: The International Valuation Standards Council . Investment properties are often purchased from a variety of sources, including market listings, real estate agents or brokers, banks, government entities such as Fannie Mae , public auctions, sales by owners , and real estate investment trusts . Real estate assets are typically expensive, and investors will generally not pay the entire amount of

2349-527: The Kreuzberg riverfront, but also for the development of the Neukölln-Südring , Schöneberg - Südkreuz and Tiergarten - Nordring / Heidestraße areas. With this project, both the federal government and the state of Berlin hope to counteract the negative consequences of economic and demographic change by fostering "private investment and sustainable workplaces." Descriptions are largely based on

2430-525: The article wizard to submit a draft for review, or request a new article . Search for " Michaelbrücke " in existing articles. Look for pages within Misplaced Pages that link to this title . Other reasons this message may be displayed: If a page was recently created here, it may not be visible yet because of a delay in updating the database; wait a few minutes or try the purge function . Titles on Misplaced Pages are case sensitive except for

2511-714: The "Mediaspree" project. Among the first development projects to be completed in the Mediaspree-region after the fall of the Berlin Wall were: the Treptowers ( de ), the ver.di headquarters at the Schillingbrücke bridge, as well as the renovation of the Eierkühlhaus into the German headquarters for Universal Music , which received 10 Million Euros worth of sponsorship funding from

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2592-405: The 1990s, but only a part of them was implemented due to unfavorable economic circumstances at the time. Promoters saw in this project a great opportunity for the former East Berlin , while critics saw the selling-out of the area's most valuable properties. The following criteria were defined for sustainable location development: There is no specific institution that centrally manages and markets

2673-594: The 19th and 20th centuries, such as the Eierkühlhaus  [ de ] (egg cold-storage warehouse) on the Osthafen  [ de ] (East Harbor) and the Eisfabrik  [ de ] (ice factory), as well as various new buildings and the East Side Gallery . The area is easily accessible by public transit as well as regional and long-distance trains. In the 19th and early 20th centuries, this area

2754-621: The 242-room "Hotel Ibis Berlin City Ost" are located. The structure at Stralauer Platz 33/34 was erected in 1906–1908 and housed the Zentralmagazin der städtischen Gaswerke (central depot for the municipal gasworks). In 2002, it was converted into the EnergieForum Berlin , with a focus on renewable energy and energy efficiency . The building was also expanded through new construction; the original building, protected as

2835-473: The BSR ( Berliner Stadtreinigungsbetriebe , Berlin's waste management agency) is part of the still-planned Quartier in Orange (see below). BSR moved into a cluster of buildings on Mühlenstraße 9/10 that consists of a new building and an apartment building converted into offices. The buildings, including a BSR service station located on the property, are interconnected by an enclosed walkways on two levels. Situated on

2916-599: The BVG, due to structural deterioration. After being refurbished as a historical monument, the association ART Kombinat was founded in 1995 to use the hall for cultural functions. Today, Arena hosts concerts, lectures, conferences, galas, TV shows and other events. The theater and event venue Glashaus (Glass House) also belongs to the Arena Berlin complex, as well as the MAGAZIN exhibit hall, Badeschiff ("Bathing Boat"),

2997-471: The Berlin Harbor and Warehouse Corporation ( Berliner Hafen- und Lagerhausgesellschaft , or BEHALA ) decided in 1992 to put the Eierkühlhaus and the neighboring granary (see below) to new use. There were plans, in 1995, to connect the two buildings into one complex and to use it as a "Business Design Center," which was nevertheless not brought to fruition. From 2000 to 2002, the cold-storage warehouse

3078-605: The Eierkühlhaus (egg cold-storage warehouse) and the Eisfabrik (ice factory). Between 1939 and 1945, the premises were primarily used by the Wehrmacht (German Armed Forces). The harbor served as a shipping center for goods, and tanks and other munitions were serviced in the former bus garage and present-day event space Arena Berlin ( de ) in Treptower Park . More than 150 foreign workers and prisoners of war worked on

3159-404: The Senate and was completed in the middle of 2002. In early 2004, there followed the similarly subsidized settlement of MTV Networks Germany in a former warehouse at Osthafen. VIVA and VIVA Plus followed in 2005, due to their acquisition by MTV. The O₂ World arena was constructed by the Anschutz Entertainment Group on the grounds of the former Ostgüterbahnhof ( de ) (which was the site of

3240-509: The Spree" (see below), it was commissioned by the district authority of Friedrichshain-Kreuzberg and designed by the landscape architectural firm Häfner/Jiménez . In the middle of the park is the so-called "Boat Landing Plaza," a boat landing built for the O 2 World complex. The surface area of the park covers approximately 1.5 hectares (3.7 acres) and was under construction from August 2006 to early 2009. The construction costs ran to 816,000 Euros. The grounds are split into two levels;

3321-455: The TV programs Sat.1-Frühstücksfernsehen ( de ) and Sat.1 Magazin have been produced here by maz&more Gmbh , a full subsidiary of N24 (Germany) , which Sat.1-Zentralredaktion on 1 January 2009. The executive officers are Torsten Rossmann (chairman) and Maria von Borcke. The former BEHALA harbor cafeteria at Stralauer Allee 9 was built in 1909 and is protected as a historical moment. Like

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3402-407: The asset where the debt service payment is made out of income from the property, rather than from independent income sources. Capital appreciation is the increase in the market value of the asset over time, realized as a cash flow when the property is sold. Capital appreciation can be very unpredictable unless it is part of a development and improvement strategy. The purchase of a property for which

3483-479: The building is now primarily a Berlin branch office for the company, although other parts are rented out. The building complex between Hoffmannstraße and the river Spree consists of four parts: two 15-floor towers and two five-floor quadrangles . It was designed by the Stuttgart -based architectural firm Kieferle & Partner and completed in 1997. The over 24,000m² (258,334sq.ft.) of office and commercial space

3564-485: The club/restaurant boat Hoppetosse and the bar Club der Visionaere . Property investment During the 1980s, real estate investment funds became increasingly involved in international real estate development. This shift led to real estate becoming a global asset class . Investing in real estate in foreign countries often requires specialized knowledge of the real estate market in that country. As international real estate investment became increasingly common in

3645-581: The customer service center for the Deutsche Post . Oberbaum City is managed and marketed by HVB Real Estate , a subsidiary of UniCredit Bank AG (HypoVereinsbank). Further development projects may be on the horizon for the remaining buildings. The most striking building of Oberbaum City is the "Narva-Würfel" (" Narva -Cube," named after the former lightbulb company), also known as the Lichtturm (light tower). It has been leased by BASF since 2005 as

3726-472: The descriptions posted on the former mediaspree.de website Built by Fortress Immobilien AG Meerbusch on Holzmarktstraße 1–9, directly next to the Jannowitzbrücke station , this Multi-Service-Center included a Tamoil gas station , a Burger King with " drive-in ", a Lidl discount supermarket and offices. The investment volume came to 8.3 Million Euros. This ensemble was torn down at

3807-413: The direction of the architects Reichel und Stauth (from Braunschweig ). In doing so, the original structures and their historical façades could be preserved with modern steel construction. Food and retail space was developed in five building complexes as well as over 80,000m² of office space. Approximately 70 firms have offices here, including BASF (see below), adesso AG , DEKRA , ThyssenKrupp AG and

3888-873: The early 21st century, the availability and quality of information regarding international real estate markets increased. Real estate is one of the primary areas of investment in China, where an estimated 70% of household wealth is invested in real estate. Real estate investing can be divided according to level of financial risk into core, value-added , and opportunistic . Real estate is divided into several broad categories, including residential property, commercial property and industrial property. Real estate markets in most countries are not as organized or efficient as markets for other, more liquid investment instruments. Individual properties are unique to themselves and not directly interchangeable, which makes evaluating investments less certain. Unlike other investments, real estate

3969-559: The east by Elsenbrücke  [ de ] , and to the south by two streets (Schlesischen Straße and Köpenicker Straße). The Spree is about 150 m (490 ft) wide along this section and the riverfront runs relatively straight. The river is cross-cut by three bridges within the Mediaspree zone: Michaelbrücke  [ de ] , Schillingbrücke  [ de ] and Oberbaumbrücke . Along with large, undeveloped lots one can find numerous industrial and trade buildings from

4050-441: The end of 2018. The Trias on Holzmarktstraße 15–17 was built between 1994 and 1996 and houses the headquarters of the Berliner Verkehrsbetriebe (BVG) since August 2008. The complex is composed of three 13-floor office towers connected by a seven-floor concourse. This seven-floor building complex at the Schillingbrücke bridge was completed in the year 2000 and consists of three parts, in which commercial spaces, 20 apartments and

4131-423: The exposed concrete. With a total of 7,000m² in surface area, the five floors offer showroom space for twelve fashion companies. On the ground floor, there is a venue space for fashion shows, parties, and catering. On the roof is a leafy lounge. Additionally, there will be a pier built on the Spree, with a floating island for outdoor events and fashion shows. The Treptowers are a four-part building complex right at

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4212-423: The harbor's offices, it was refurbished in 2007 and occupied by A-Medialynx GmbH , who owns the building. Since 2008, a 200m² (2,152sq.ft.) space has been rented out to Zigarren Herzog Vertriebsgesellschaft mbH (Herzog Cigar Co.), a company that maintains a Salan and a 60m² (645sq.ft.) humidor for cigar storage. The former BEHALA East Warehouse on Stralauer Allee 10/11 was built in 1913 by Friedrich Krause and

4293-523: The harbor's premises. Large portions of the buildings were destroyed after the war. Until 1947, large sites were seized and used by the Soviets, transportable material was stripped and shipped to the Soviet Union as a form of reparation . During the time of Cold War , this area lay in the middle of the border zone between East- and West-Berlin , which made commercial development impossible. On

4374-725: The heritage-protected façade of the Industriepalast was remodeled. Buildings 43 and 44 were extensively refurbished for the purposes of the Mediaspree project and a new building was added that matched the style of the historical buildings. The floors were converted into office space, resulting in a total of 3,500m² (37,674sq.ft.) office and trade space. The Toyota car dealership at Stralauer Allee 44–47 arose from an investment of 10 Million Euros and opened in November 2007. New and used cars are put on display in approximately 2,800m² (30,140sq.ft.) of usable retail space. There

4455-446: The interest of historical preservation, there were plans to cover the window panes in screened diamond shapes to continue the pattern from the brickwork and to achieve the impression of a continuous façade. Due to problems with the lighting of interior spaces, this was ultimately abandoned. Aside from Universal Music, various other media and service industry businesses have moved into the building. Built between 1907 and 1913, this granary

4536-579: The investment. To be successful, real estate investors must manage their cash flows to create enough positive income from the property to at least offset the carry costs. In the United States, with the signing of the JOBS Act in April 2012 by President Obama, there was an easing on investment solicitations. A newer method of raising equity in smaller amounts is through real estate crowdfunding which can pool accredited and non-accredited investors together in

4617-609: The legendary nightclub Ostgut from 1998 to 2003, predecessor to Berghain ) and opened on 10 September 2008, accompanied by protests. Other building and renovation projects in the Mediaspree-region that have since been completed include the EnergieForum Berlin , the Industriepalast (Industry Palace) at Warschauer Straße , the European Shared Service Center of BASF in Oberbaum-City ,

4698-472: The majority of the projected cash flows are expected from capital appreciation (prices going up) rather than other sources is considered speculation rather than investment. Research results that found that real estate firms are more likely to take a smaller stake in larger assets when investing abroad (Mauck & Price, 2017). Some individuals and companies focus their investment strategy on purchasing properties that are in some stage of foreclosure . A property

4779-464: The name Mediaspree . The project extends along a 3.7-kilometre-long (2.3 mi), 180-hectare (440-acre) space on both sides of the Spree riverfront, on the borders of four districts: Mitte , Friedrichshain , Kreuzberg und Alt-Treptow . It is bordered to the west by Jannowitzbrücke  [ de ] , to the north by the railway tracks of the Berlin S-Bahn (rapid transit trains), to

4860-539: The neighboring lot for an expansion, Labels Berlin 2 (see below). East of Labels Berlin 1 , and in violation of a successful citizen's initiative in July 2008, the new building Labels Berlin 2 has been constructed. The design is by the Basel Architectural Firm HHF . The edifice has a green concrete façade, with a striking cut-out pattern of two alternating sinus curves of differing widths in

4941-408: The order of 20% of appraised value. Investors seeking low equity requirements may explore alternate financing arrangements as part of the purchase of a property (for instance, seller financing , seller subordination, private equity sources, etc.) If the property requires substantial repair, traditional lenders like banks will often not lend on a property and the investor may be required to borrow from

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5022-571: The physical property, and comparing it to the market value of similar properties. A common method of valuing real estate is by dividing its net operating income by its capitalization rate , or CAP rate. Numerous national and international real estate appraisal associations exist to standardize property valuation. Some of the larger of these include the Appraisal Institute , the Royal Institution of Chartered Surveyors and

5103-482: The premises are also garages and parking lots for the vehicles of BSR's subsidiary Ruwe GmbH , which has its headquarters on Warschauer Straße . The so-called "Industriepalast" (Industry Palace) on Warschauer Straße 34–44 was built between 1906 and 1907 according to plans by Johann Emil Schaudt ( de ). It involves a multi-story factory, typical for its time, made out of five distinct buildings held together by an underlying iron-frame construction . From 1992 to 1993,

5184-1196: The private rental market, and indirectly by influencing state policy. It was found that the history, politics, and geography of the REITs cause the collapse of Irelands market (Waldron, 2018). Michaelbr%C3%BCcke Look for Michaelbrücke on one of Misplaced Pages's sister projects : [REDACTED] Wiktionary (dictionary) [REDACTED] Wikibooks (textbooks) [REDACTED] Wikiquote (quotations) [REDACTED] Wikisource (library) [REDACTED] Wikiversity (learning resources) [REDACTED] Commons (media) [REDACTED] Wikivoyage (travel guide) [REDACTED] Wikinews (news source) [REDACTED] Wikidata (linked database) [REDACTED] Wikispecies (species directory) Misplaced Pages does not have an article with this exact name. Please search for Michaelbrücke in Misplaced Pages to check for alternative titles or spellings. You need to log in or create an account and be autoconfirmed to create new articles. Alternatively, you can use

5265-507: The project; Mediaspree is merely a label. The planning for individual building projects lies with property owners, investors, and the borough (in particular, Friedrichshain-Kreuzberg ). The association Regionalmanagement mediaspree e.V. (originally, media spree Berlin GmbH ) was founded in May 2004 as a contact point for investors and businesses, which lasted until December 2008. It arose from

5346-400: The properties that they purchase. This minimizes the risk which comes from leverage but also limits potential return on investment . By leveraging the purchase of an investment property, the required periodic payments to service the debt create an ongoing (and sometimes large) negative cash flow beginning from the time of purchase. This is sometimes referred to as the carry cost or "carry" of

5427-452: The property does not sell at the public auction, then ownership of the property is returned to the lender. Properties at this phase are called Real Estate Owned, or REOs. Once a property is sold at the foreclosure auction or as an REO, the lender may keep the proceeds to satisfy their mortgage and any legal costs that they incurred minus the costs of the sale and any outstanding tax obligations. The foreclosing bank or lending institution has

5508-603: The prospective fashion house Labels 2 , a planned yacht harbor, the Neuen Spreespeicher ("New" Granary on the Spree), and the renovation of the Eisfabrik ( de ). For recreational purposes, Mediaspree has planned a 10m (33 ft) wider riverfront strip and a "Park on the Spree," as well as small pocket parks between the Spree and Stralauer Allee around the East Side Gallery . Furthermore, footpaths and bicycle paths are slated to be built on both sides of

5589-518: The purchase price of a property in cash. Usually, a large portion of the purchase price will be financed using some sort of financial instrument or debt , such as a mortgage loan collateralized by the property itself. The amount of the purchase price financed by debt is referred to as leverage . The amount financed by the investor's own capital, through cash or other asset transfers, is referred to as equity . The ratio of leverage to total appraised value (often referred to as "LTV", or loan to value for

5670-481: The right to continue to honor tenant leases (if there are tenants in the property) during the REO phase but usually, the bank wants the property vacant to sell it more easily. Buy, rehab, rent, refinance (BRRR) is a real estate investment strategy, used by real estate investors who have experience renovating or rehabbing properties to " flip " houses. BRRR is different from "flipping" houses. Flipping houses implies buying

5751-411: The river. The reconstruction of the destroyed Brommybrücke bridge, intended to alleviate the forecasted increase in traffic volume, was abandoned after further protests; instead, only a temporary "artistic footbridge" was supposed to be built. It was not built. Mediaspree is associated with the Senate project Stadtumbau West ("City-Renovation West", de ), which calls not only for the restructuring of

5832-784: The sightline between the Oberbaumbrücke and the Fernsehturm . With a maximum capacity of 17,000, the Mercedes-Benz Arena at Mühlenstraße 12–30 is the second largest multi-use indoor arena in Germany (after the Lanxess Arena in Cologne ). The laying of the first foundation stone took place on 13 September 2006; the grand opening, accompanied by protests, followed on 10 September 2008. The owner and operator

5913-442: The stylistic elements of the windows, hipped roof and walls intact. Additional stairwells and elevators as well as an underground garage were newly constructed. Over all eight floors, approximately 18,000m² (193,750sq.ft.) of offices were created, which apparently drew great interest from renters—at present, there are no spaces available for rent. Oberbaum-City is the name given to the former Narva light bulb factory since 1999. It

5994-404: The two levels, sloping down to the river Spree. The East-Side-Park has received criticism above all for the boat landing for O₂ World, which will require the removal of a 45 m (148 ft) section of the heritage-protected East Side Gallery . Moreover, a billboard has been built on this site, which was perceived to be objectionable due to its dimensions, light intensity, and location along

6075-399: The upper level will feature a memorial space for the Berlin Wall and the earlier patrol road. Its sparse design is intended to evoke the " death strip " that used to run along the wall. The East Side Gallery , painted onto the remains of the wall at this site, was repaired and restored in 2008. The lower level of the park provides a promenade directly along the water. A lawn stretches between

6156-474: The wall was not torn down, but rather designed and painted by artists since 1990 as the East Side Gallery , the longest open-air gallery in the world. In 1998, the Ostbahnhof train station began renovations, reopening in 2000. Many unused properties were bought up by investors. One decisive development began in 2002 with the passage of a land development plan through the Berlin Senate and the advancement of

6237-429: Was converted into an office and commercial building by the Berlin architect Reinhard Müller. It was in doing so that the originally closed façade of the building was opened on three sides and furnished with a glass curtain wall . Only the northwest side facing the Oberbaumbrücke still features a closed brick wall. The historical style elements of the windows, barrel-vault ceilings and walls have survived. Originally, in

6318-492: Was designed by Berlin architect Friedrich Krause, who had already completed the docks in Stettin . He opted for a classicist design typical for the time, including a giant hipped roof , clinker brickwork, and ashlar masonry. Until 1990 the building was used as a warehouse, after which it stood empty for several years. After a construction permit was issued in May 2000, it was completely refurbished until March 2001, leaving

6399-514: Was not in charge, but rather a partner in the context of a Public-Private Partnership . Association membership was limited to the owners, renters and leaseholders of land or buildings in the Spree area. Mediaspree e.V. had 21 members in 2008, including the Anschutz Entertainment Group , Behala (a dock and storage company), Berlin's waste management agency , Deutsche Post Property Development, GASAG , IVG Real Estate and TLG Real Estate . This association considered its mission to be: to act as

6480-597: Was primarily occupied by industry and trade. Many of the buildings still standing date from this period and are characteristic of the architecture of that era. A few of these are now protected by the Denkmalschutz ( de ) designation; that is, they are listed as historical monuments. Of particular importance for the region before World War II were the East Harbor, Osthafen ( de ), opened in 1913 with extensive storage facilities for grains and other goods, as well as

6561-493: Was used by the National Socialists (i.e., "Nazis") as a maintenance hangar for tanks and other war machines, then from the end of the 1940s until the beginning of the 1950s it was used as a refugee camp. From 1961, due to its location inside the border strip of the Berlin Wall , it was only accessible to GDR troops and BVG employees with a special permit. In 1993, it was shut down as the center of operations for

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