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The Real Deal - New York Real Estate News |
NY Wheel investors settle messy legal battle over equity stakes Posted: 13 Dec 2016 03:40 PM PST The warring investors in Staten Island’s controversial New York Wheel project have laid down their arms. A group of the project’s major investors, including the Feil Organization, BLDG Management’s Lloyd Goldman and jeans mogul Joseph Nakash, settled a lawsuit against two minority shareholders, Eric Kaufman and project founder Meir Laufer. “All investor suits have been settled amicably,” Wheel CEO Rich Marin said in a statement. Neither Laufer nor Kaufman immediately responded to requests for comment. … [more] |
Ex-GFI employee claims she was fired for complaining about sexist comments Posted: 13 Dec 2016 03:01 PM PST A former employer of Allen Gross’ GFI Capital Resources claims she was wrongfully fired after she complained about sexual and derogatory comments made about women in the office. JoEllen Donner filed a lawsuit against the developer and her supervisor in Manhattan Federal Court on Monday for alleged sexual harassment and gender discrimination, Donner claims she was fired in September after she’d complained about inappropriate comments made by men in the office. She’d worked for eight … [more] |
Blackstone’s Gray said he was “surprised” by Trump meeting Posted: 13 Dec 2016 02:50 PM PST Blackstone Group’s real estate head Jonathan Gray said he was “surprised” when Donald Trump’s transition team invited him to a meeting last month. “I am a Democrat,” he told Bloomberg News. Still, he said he took comfort in the meeting “because it signaled that they were reaching out to a broad range of people.” The Trump team reportedly considered Gray for the position of Treasury secretary last month. He later withdrew his name from consideration. … [more] |
EB-5 visa program gets another lifeline until end of April Posted: 13 Dec 2016 02:35 PM PST From the South Florida website: Congress extended the EB-5 program until April 28, marking yet another short-term renewal of the controversial visa program. The program, which grants foreign investors green cards after they invest at least $500,000 in job-producing ventures, was set to expire on Friday. EB-5 was included in the continuing resolution Congress passed. [more] … [more] |
Uniqlo in talks for 100K sf store at 23 Wall Posted: 13 Dec 2016 02:11 PM PST Uniqlo is in talks to lease about 100,000 square feet at 23 Wall Street, the vacant six-story Financial District retail building that Jack Terzi’s JTRE Holdings is in contract to buy, sources told The Real Deal. The popular Japanese retail chain is the frontrunner among three prospective tenants to lease the space, sources said. The five-floor space would serve as Uniqlo’s sole Financial District store, less than three miles south of the New York City … [more] |
Posted: 13 Dec 2016 01:40 PM PST From the December issue: Everyone can agree that comedy darling Amy Schumer’s had a rapid rise to prominence, but who knew she’d made this much bank? The “Trainwreck” star completely skipped several rungs on the home-ownership ladder and went from zero to $12 million with the purchase of an Upper West Side penthouse apartment this fall, The Real Deal exclusively reported last month. Among the finance alpha dogs who’ve had to lower the prices of their homes … [more] |
Nest Seekers, DHA settle commission dispute at 75 Kenmare Posted: 13 Dec 2016 01:10 PM PST Nest Seekers International and developer DHA Capital have apparently buried the hatchet after sparring over claims of unpaid commission on a Nolita development site. The residential brokerage sued DHA in June, claiming that agent Tal Reznik acted as the exclusive broker on DHA’s acquisition of 75 Kenmare Street, and was owed at least $3 million in commission. Terms of the settlement were not disclosed in court papers that hit records on Tuesday. In its complaint, … [more] |
City considering crackdown on landlords who skirt zoning rules Posted: 13 Dec 2016 12:45 PM PST The City Council will discuss 10 bills Wednesday aimed at tightening the rules that allow property owners to bend zoning regulations. Council member Ben Kallos is sponsoring the proposed bills that will target the Board of Standards and Appeals, Crain’s reported. The board is able to approve applications from landlords who argue they need to surpass zoning laws in order to make a profit from a development. In some cases, according to the publication, owners … [more] |
CoStar files suit against Xceligent, its biggest rival Posted: 13 Dec 2016 12:10 PM PST UPDATED, Dec. 13, 6:59 p.m.: Commercial real estate data company CoStar Group is suing its biggest rival Xceligent for copyright infringement, in a near mirror image of its previous lawsuits against data startups RealMassive, LoopNet and against users of CompStak. In a complaint filed Tuesday in Kansas City, Missouri federal court, CoStar accused Xceligent of “piracy” and “copyright infringement on an industrial scale,” alleging that Xceligent’s researchers regularly trawl CoStar’s and LoopNet’s (now a CoStar … [more] |
Tommy Hilfiger nears deal to move HQ to RFR’s 285 Madison Posted: 13 Dec 2016 11:45 AM PST Tommy Hilfiger and his Art Basel buddy Aby Rosen will soon share more than their love of Miami Beach ragers. Hilfiger, a regular attendee of Rosen’s exclusive annual art-show bash, is planning to move his company headquarters from West Chelsea to RFR Realty’s 285 Madison Avenue in Midtown East, where the design company is in late-stage negotiations to take roughly 150,000 square feet. Hilfiger’s parent company, Phillip Van Heusen, has a lease out covering several … [more] |
Soccer superstars dodge red card in Soho development play gone wrong Posted: 13 Dec 2016 11:25 AM PST Maldini boots it up to Zidane… Zidane with the silky flick over to Shevchenko… Shevchenko with the cross to Vieri…. It’s a call that no soccer commentator ever got to make. But four European footballing legends who teamed up to tackle the Manhattan real estate market have survived their first nasty off-pitch battle: a lawsuit springing out of a rocky development deal. Zinedine Zidane, Christian Vieri, Paolo Maldini and Andriy Shevchenko, along with their development … [more] |
Gamma wins 3 Sutton Place at foreclosure auction Posted: 13 Dec 2016 10:37 AM PST N. Richard Kalikow’s Gamma Real Estate outbid Brooklyn investor Isaac Hager Tuesday to acquire a prime Upper East Side development site at 3 Sutton Place in a hotly anticipated foreclosure auction, The Real Deal has learned. Gamma, which was the original lender on the deal, paid about $86 million for the site plus $12 million to secure additional air rights. Insiders previously speculated that Gamma would pay as much as $187 million to take control of the … [more] |
Inside Moinian Group’s holiday party: PHOTOS Posted: 13 Dec 2016 10:15 AM PST [caption id="attachment_1276820" align="aligncenter" width="570"] Clockwise from top left: Joseph Moinian, Jonathan Mechanic and Jerome Karr; Howard Lorber; Joseph Moinian, Nazee Moinian and Arthur Mirante; and Elaine Diratz and Andrew Heiberger (credit: Adam Pincus/The Real Deal)[/caption]You’d think Marc Holliday, who made $23 million as CEO of SL Green Realty in 2015 alone, would dish out cash for the latest gadgets. But on Tuesday night he whipped out a near-ancient iPhone 5 to jokingly pretend to take family photos of the Moinians – much to the delight of Mitchell Moinian. As soon as he saw Holliday’s device, the real estate executive, and son to Moinian Group CEO Joseph Moinian, pulled out his own medieval clunk: the exact same model. Click here to see the photos and read more. |
Rabsky lands $93M construction loan for Rheingold project Posted: 13 Dec 2016 09:35 AM PST UPDATED, Dec. 13, 1:13 p.m.: Rabsky Group pulled off $93 million in new construction financing from Bank Leumi for its 400,000-square-foot rental project on the sprawling former Rheingold Brewery site in Bushwick from Bank Leumi. The Israeli bank provided the new loans for three parcels owned by Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group at 10 Montieth Street, 501 Bushwick Avenue and 79-115 Stanwix Street, property records filed with the city Tuesday show. Rabsky received a … [more] |
Townhouse Management Company’s Richard Maidman dies Posted: 13 Dec 2016 09:10 AM PST Richard Maidman, a second-generation member of the Maidman real estate dynasty, died Friday at age 83, a representative confirmed to The Real Deal. Maidman, who had been battling esophageal cancer, was the chairman of Townhouse Management Company. In the 1960s, he took over the Midtown East-based company, which was founded by his father William in 1933. Prior to his death, Richard ran the firm with his son Mitchel, who serves as president. The firm largely … [more] |
Wall Street, one of Europe’s biggest landlords, is the target of tenant fury Posted: 13 Dec 2016 08:30 AM PST Wall Street is Europe’s biggest new landlord. Consequently, it’s also viewed as one of the biggest adversaries of homeowners and renters. American banks like Goldman Sachs have swooped into European countries during times of economic peril, buying up cheap, distressed investments and paying little to no taxes, the New York Times reported. While this tactic has helped in these countries’ recovery, some homeowners grapple with foreclosure while others struggle to keep up with rising property … [more] |
Why Brad Lander is furious at a Carroll Gardens developer Posted: 13 Dec 2016 08:00 AM PST The city’s mandatory inclusionary housing policy is causing yet another wrangle between influential Brooklyn council member Brad Lander and a local developer. This time the dispute is over a proposal to build 10 condominium units on three, small vacant lots in Carroll Gardens. The lots are currently zoned for manufacturing. The applicant — 14-18 Carroll LLC, a shell company controlled by Oestreicher Properties, according to property records — wants the area rezoned to allow for … [more] |
Manhattan’s New Skyline (*© CIM Group) Posted: 13 Dec 2016 07:30 AM PST The meaning of the three letters in CIM Group’s name is one of real estate’s best-kept secrets. But it might as well stand for Condos In Manhattan. Towering over Midtown at 432 Park Avenue is the tallest apartment building in the Western hemisphere. On the Upper East Side stands a condo conversion at 737 Park Avenue. Further east at 305 East 51st Street, the Halcyon rises over Turtle Bay. Bookending Madison Square Park is the … [more] |
Related’s Steve Ross buys into Momofuku Posted: 13 Dec 2016 06:40 AM PST Someone’s in the kitchen with David Chang. It’s Stephen Ross, and he’s brought money. Lots of it. The Related Companies chairman and Matt Higgins, through their investment vehicle RSE Ventures, have bought into Momofuko Holdings, the New York Post reported. The size of the minority stake is not clear, but Chang will retain control of Momofuko. “The end goal was always to find a partner who would help support our businesses and allow us to … [more] |
East Village’s priciest apartment back on the market for $25M Posted: 13 Dec 2016 06:04 AM PST An East Village apartment is back on the market for an eye-popping $25 million ($3,704 per square foot), possibly making it the neighborhood’s most expensive apartment ever. The third-floor apartment at 210 East 5th Street is currently owned by Canadian photographer/filmmaker Gregory Colbert. Colbert previously listed the apartment in 2012 with the same price tag and a different broker, the New York Post reported. Douglas Elliman’s Richard Steinberg and Matthew Slosar are handling the listing this time … [more] |
Trump cancels press conference on business interests Posted: 13 Dec 2016 05:30 AM PST President-elect Donald Trump is holding off on revealing his plans for his businesses once he takes office. Tump canceled a press conference planned for Thursday where he was expected to discuss potential conflicts of interest issues between the White House and the Trump Organization, the Wall Street Journal reported. The conference is expected to be held sometime next month but has not yet been rescheduled. “The president-elect has been focused on putting a team in place to enact … [more] |
Posted: 13 Dec 2016 05:00 AM PST From the December issue: Cyrus Vance Jr. is heading into his seventh year as Manhattan’s district attorney, a job that brings roughly 100,000 cases across his desk each year and involves overseeing more than 540 attorneys. Vance is no stranger to politics: He’s the son of the late Cyrus Vance, who was secretary of state under President Jimmy Carter. The younger Vance got his start as an assistant DA in the Manhattan office from 1982 to … [more] |
Extell secures one-week extension on $235M Blackstone loan Posted: 13 Dec 2016 04:30 AM PST Gary Barnett’s Extell Development secured a one-week extension on a $235 million land loan from Blackstone Group at its Central Park Tower, according to public disclosures made to its Israeli bondholders. The extension will give the company time to refinance the loan, which came due Dec. 9. The extension is just the latest in Extell’s ongoing struggle to line up financing for the tower, which is set to rise at 217 West 57th Street. The … [more] |
Developers claim Ben Shaoul obstructed Union Square condo project Posted: 13 Dec 2016 04:00 AM PST UPDATED, Dec. 13, 2:58 p.m.: The developers of a Union Square residential building have accused Ben Shaoul of interfering with his condo project. A group of investors, led by Ariel Rom, filed a lawsuit against Shaoul, claiming that the property mogul delayed progress at 809 Broadway, the Commercial Observer reported. Shaoul owns a neighboring building at 813 Broadway, so Rom needed his permission to do any work above the property. Initially Shaoul asked for $250,000 in … [more] |
Most popular stories on The Real Deal Posted: 13 Dec 2016 03:30 AM PST Current reader favorites: 1. Paydirt: Knakal makes his move, multifamily streak, resi broker gimmicks … & more 2. These eerily empty street photos show how different New York City was in the crime-ridden 1970s 3. The Trump whisperer 4. NYC’s great retail divide 5. What bubble? JPMorgan’s CMBS desk doubles down on construction lending … [more] |
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