Monthly Archives: June 2019

Michael Fascitelli is Thor’s partner on $120M Apthorp deal Buyers-to-be plan to sell remaining 71 sponsor units: sources

Michael Fascitelli is Joseph Sitt s partner on the purchase of 上海贵族宝贝交流区 上海贵族宝贝论坛71 sponsor units at the Apthorp on the Upper West Side, sources told The Real Deal.

The New York Post reported earlier this month that Sitt s Thor Equities was buying the condominium units for $120 million, or $810 per square foot, but Fascitelli s involvement through his firm Imperial Companies was not revealed at the time.

The partners plan to first sell 10 vacant units, which were formerly operated as market-rate rentals. Then, as tenants move out of the 61 rent-stabilized units, the firms will sell those units as condos, too.

The Apthorp has an unusual past. The爱上海 爱上海同城手机版 landmarked 12-story property at 390 West End Avenue was constructed in 1908 as rentals. In 2007, Lev Leviev’s Africa Israel and Maurice Mann’s Mann Realty Associates acquired it for $26 million, with plans for a condo conversion.

Factors such as financing troubles, tenant opposition and subpar sales led the project to stall, however. New York state Attorney General Eric Schneiderman halted sales following a probe over misleading statements made by the developers. Lender AREA Property Partners, now known as Ares Management, pulled the building out of foreclosure in 2012, and condo sales resumed. Of the 160 total apartments, 71 are sponsor units that have been operated as rentals and remain unsold.

Condo sales so far have avera[……]

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Coney Island gets $69M development for homeless vets State grants help fund 135-unit building

Rendering of 3003 West 21st Street in Coney Island (credit: Concern for In上海贵族宝贝论坛 上海贵族宝贝dependent Living)

A supportive housing developer is building a 120,000-square-foot apartment building for homeless veterans in Coney Island. The state Office of Mental Health is funding a portion of the $69 million development at 3003 West 21st Street.

Of the building’s 135 studio and one-bedroom units, 82 will be set aside for homeless veterans and the remainder will be rented out to those making up to 60 percent of area median income. Long Island-based The Concern for Independent Living is developing the project in partnership with Georgica Green Ventures. Construction will begin soon, Crain‘s reports.

Apart from state support, the developers also landed $26 million worth of low-income hous上海千花网论坛 上海千花网ing tax credits from BNY Mellon and the National Equity Fund.

The development is merely the first phase of a larger, 400-unit-plus development on surrounding lots.

Building more supportive housing for New York’s homeles上海千花网交友 上海千花网论坛s has been a priority for the de Blasio administration. And on Tuesday, Gov. Andrew Cuomo announced financial awards to the developers of 1,200 supportive ho爱上海龙凤419桑拿 上海龙凤论坛sh1fusing units as part of a five-year, $2.6 billion plan. The Concern for Independent Living was one of the award recipients. [Crain’s] Konrad Putzier

Tags: affordable housing, coney island, homeless
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Colliers hires two more from JLL s I-sales unit Stephen Shapiro, Jas上海贵族宝贝 上海千花网龙凤论坛on Gold to start next week

From left: Stephen Shapiro, Jason Gold and Joe Harbert

Colliers International continues to raid JLL.

The firm, which is looking to ramp up its investment sales practice, has hired Stephen Shapiro and Jason Gold from JLL s capital markets team.

As of next week, Shapi爱上海同城 爱上海ro and Gold will be senior managing directors at Colliers . They will work with vice上海千花网论坛 上海千花网 chairs Richard Baxter, Scott Latham and Yoron Cohen, whom Colliers recruited from JLL in December to boost its presence in New 上海千花网龙凤论坛 上海千花社区York investment sales. The three brokers – along with Jon Caplan, who left to start his own investment firm – were the leading brokers on the JLL team, which specialized in brokering Manhattan office building deals.

In 2016, JLL s investment sales team brokered deals such as MHP Real Estate Services’ $463 million purchase of 850 Third Avenue, a B+B Capital-led group’s $295 million purchase of a stake in the Brill Building, and RPW Group’s $273 million purchase of 275 Madison Avenue, CoStar data show.

In TRD s 2015 investment sales brokerage ranking, JLL came in fifth, with $2.9 billion across 29 deals. In the same ranking Colliers, placed 19th, w上海千花网 爱上海同城对对碰ith $527 million across eight deals citywide.

Remaining New York capital markets brokers on JLL’s investment sales side include Glenn Tolchin, Yoav Oelsner and Anthony Ledesma.

A representative for Colliers confirmed the hires. Shapiro and Gol[……]

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Jared Kushner and Nicole Meyer and a rendering of One Journal Square (Photo by PATRICK MCMULLAN/Patrick McMullan via Getty Images)

Journalists were barred this week from an event in Shanghai that sought Chinese investment in a luxury apartment complex in New Jersey being developed by KABR Group and the Kushner Companies.

The family of President Donald Trump s son-in-law hopes to raise $150 million, or 15.4 percent of funding for the project, through the EB-5 visa program, according to Reuters. The program allows foreigners to in effect buy U.S. immigration visas by investing at least $500,000. The event was organized by immigration 爱上海龙凤419桑拿 上海龙凤论坛sh1fagency Qiaowai, according to marketing materials.

Kushner s sister, Nicole Kushner Meyer, is said to have spoken for 10 minutes, mentioning her family s humble roots. According to the New York Times, Meyer 上海龙凤论坛sh1f 上海龙凤论坛attended a similar event in Beijing on Saturday telling the audience of roughly 100 people the project, known as One Journal Squ爱上海同城手机版 新爱上海同城对对碰论坛are, means a lot to me and my entire family.

Sophie Xing, a potential investor, said a very important factor in her decision to attend Sunday s event was that the project s developer was Kushner Companies and that Trump s son-in-law s sister would be speaking, according to Reuters.

Qiaowai made note of Meyer s relationship to Trump in promotional materials上海千花网交友 上海千花网论坛, referred to the project as Kushner1 and describes the project as supported by the government, created by 上海贵族宝贝 上海千花网龙凤论坛a star developer, a[……]

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Ronald Perelman’s former staff to blame for over-building at East Hampton estate, his lawyer claims

Code violations at the Creeks, Ronald Perelman’s 58-acre estate, were the fault of staff’s “exuberan上海千花网龙凤论坛 上海千花社区ce to satisfy the owner,” the billionaire’上海龙凤论坛 新上海贵族宝贝论坛s attorney told the East Hampton Village Z新上海贵族宝贝论坛 上海贵族宝贝交流区oning Board of Appeals. The violations, which were discovered in 2012, stem from new construction and alterations to the historic property that were done without 爱上海龙凤419桑拿 上海龙凤论坛sh1fpermits. A proposal to rezone the property has already been rejected, and Perelman’s team now seeks other variances to the code to legalize the construction at 291 Montauk Highway. [East Hampton Star]

Tags: Hamptons
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Extell sells $107M in shares at its $4B Central Park Tower condo project Sale of 17% of Class B shares will bring $94M in cashflow: TASE documents

上海夜网论坛 上海夜网Gary Barnett and Central Park Tower at 217 West 57th Street

Gary Barnett’s Extell Development 爱上海龙凤419桑拿 上海龙凤论坛sh1fsold $107 million worth of preferred shares in the $4 billion Central Park Tower development, according to documents filed with the Tel Aviv Stock Exchange on Monday. The deal will provide $94 million of cashflow for the development of the 95-story condominium tower.

According to the terms of the deal, Extell will sell six Series B shares in the joint venture formed by Extell and Shanghai Municipal Investment in May 2016, or $107 million, to a group of investors. The shares comprise 17 percent of the Class B shares, which do上海千花网交友 上海千花网论坛 not include voting rights.

Barnett closed on a $1.14 billion construction financing package in December 2017 for what will be New York’s most expensive condo project ever. The New York State Attorney General s office approved the offering plan with a $4 billion sellout for 179 units. And while sales haven’t officially launched, Barnett has begun the process of marketing the units. And he s not being bashful Barnett is the first developer to attempt to sell 20 units priced at $60 million or more at one project.

During an investor meeting on Monday, Extell also announced a $75 million dividend. In response, Israeli rating agency Midroog on Tuesday reduced the rating of Extell s bonds to A3 with a ne[……]

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SL Green acquires 2 Herald Square leasehold Property’s lender bid around $270M: sources

2 Herald Square and Marc Holliday

After a lengthy battle among several investors, SL Green Realty acquired the leasehold for the troubled Midtown office building 2 Herald Square, The Real Deal has learned.

SL Green, the property’s lender, announced Thursday it had successfully bid on the leasehold interest, which it was in the process of foreclosing on. The real estate inv上海千花网 爱上海同城对对碰estment trust also said it reached an agreement with an Israeli partner, but did not disclose the identity or the purchase price.

According to sources familiar with the property, the bid was somewhere around $270 million, accounting for the $250 million first mortgage that SL Green bought in May 2017 as well as accrued interest and roughly $新上海贵族宝贝论坛 上海贵族宝贝交流区10 million in transfer taxes.

Although SL Green claims it was a “successful bidder” for the leasehold, sources said there were no other bidders. The auction was not marketed to outside investors. SL Green had been considering taking control of the asset since it bought the debt last year.

SL Green declined to comment.

The Sitt family’s Sitt Asset Management, which bought the 70-year leasehold for $275 million i爱上海同城手机版 新爱上海同城对对碰论坛n 2007, no longer has any equity in the property. The family had been immersed in a legal feud at the same time it was scrambling to find a ground-floor retail replacement for H M and sell the leasehold to an investor. (One of those lawsuits, between Eddie and[……]

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Extell Development Co.上海龙凤论坛 新上海贵族宝贝论坛 has snagged more than $21 million in tax breaks from the Yonkers Industrial Development Agency for a project alo上海千花网论坛 上海千花网ng the riverfront in Yonke上海夜网论坛 上海夜网rs, the Westchester County Business Journal reported. The incentives package comprises “$15.4 million in sales and use tax exemptions and $5.9 million in mortgage recording tax exemptions,” according to the outlet. The $502 million project will contain six buildings, 1,395 apartment units — including market ra上海贵族宝贝交流区 上海贵族宝贝论坛te and affordable units — and 51,800 square feet of commercial space. [WBJ]

Tags: Westchester Fairfield
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Lena Dunham is selling her Brooklyn condo and returning to her Manhattan tribe “Girls” star新上海贵族宝贝论坛 上海贵族宝贝交流区 is seeking $3M for her never-lived-in pad

From left: 60 Broadway, Lena Dunham (Credit: Brown Harris Stevens, Getty Images)

Lena Dunh新上海贵族宝贝论坛 上海贵族宝贝交流区am is ditching Brooklyn for Manhattan’s West Village.

The writer, director and star of “Girls” is selling one of the two condos she owns in Brooklyn at 60 Broadway for $3 million, according to StreetEasy. The three-bedroom unit spans 1,987 square feet and is located in Williamsburg’s former Gretsch musical instrument factory.

Dunham never actually l上海龙凤论坛sh1f 上海龙凤论坛ived in the condo, buying it for $2.9 million in April before quickly moving to sell it in July after breaking up with her musician boyfriend Jack Antonoff earlier in the year.

Antonoff reportedly lives at 30 Henry Street in Brooklyn Heights, which Dunham bought in 2014 for $4.9 million. She sold half of her interest in the building to Antonoff in July for about $2.4 million.

Dunham grew up in Manhattan but came to be strongly identified with Brooklyn, due in part to the popularity of “Girls.” However, in a recent New York Magazine profile of her, she seemed relieved to be leaving the borough.

“My whole identity was, like, Brooklyn,” she said, “and now I’m like, Thank you, Lord. I’m back amongst my tribe, which is like old people puttering around the health-food store.” [StreetEasy] – Edd爱上海同城论坛 爱上海同城ie Small

Tags: celebrity real estate, Residential Real Estate
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