Month: June 2019

432 Park Avenue Penthouse

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432 Park penthouse asking $76.5M finds buyer Identity of purchaser at PH88 still unclear

A penthouse at 432 Park Avenue that was asking $76.5 million is now in contract, The Real Deal has learned, in a deal that is likely to give developers of ultra-pricey product a pick-me-up.

The five-bedroom, seven-bathroom, 8,055-square-foot aerie, PH 88, is being purchased by a mystery bu上海贵族宝贝交流区 上海贵族宝贝论坛yer. A spokesperson for the developers, Macklowe Properties and CIM Group, declined to comment on the final contract price or on the identity of the buyer.

The price for the unit – which was first listed in May of 2014, according to StreetEasy – amounts to an astonishing $9,497 per square foot.

Other buyers at the building include Douglas Elliman chair Howard Lorber and his business partner Bennett LeBow of the Vector Group, Ellima上海同城对对碰交友社区 上海夜网论坛n s parent company. LeBow paid $45 million, or more than $5,562 per foot, for his condo a combination of two half-floor pads on the 64th floor. Lorber shelled out just over $15 million, or $3,750 per foot, for his half-floor apartment on the 67th floor.

PH 88 was one of the last if not the last full-floor condos for sale at 43阿拉爱上海同城 爱上海龙凤419桑拿2 Park, not including units combined by individual buy新上海贵族宝贝论坛 上海贵族宝贝交流区ers. Saudi retail magnate Fawaz Al Hokair is reportedly paying $95 million, or $11,300 per foot, for the loftiest perch at 432 Park. The 8,255-square-foot penthouse went into contract in 2013, and hasn’t yet closed.

This fall, CIM and Macklowe divided some of the full-f[……]

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James Lomma

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James Lomma won t sell private plane to pay families of crane collapse victims “Crane king” was ordered to pay workers’ next of kin a total of $96M

Crane mogul James 阿拉爱上海同城 爱上海龙凤419桑拿Lomma is refusing to sell his favorite airplane to make good on a $96 million verdict against him for the 2008 crane collapse that killed two people on the Upper East Side.

According to the New York Post, Lomma argued the $4.6 million Pilatus PC-12 turbo-prop plane would cost him $480,000 in adverse tax consequences were he to sell the rig.

A Manhattan jury found him 61 percent liable and his firm 39 percent liable for the 2008 collapse. Lomma owned the crane that collapsed in 2008 at the site of the Azure爱上海同城对对碰 爱上海同城论坛 condominium at 33 East 91st Street, killing Donald Leo and Ramadan Kurtaj, who were working on the site.

His assets were listed between $4 million and $40 million with debts betwee爱上海同城手机版 新爱上海同城对对碰论坛n $40 million and $200 million. Lomma argued in bankruptcy filings that the airplane is used for business purposes and it saves his firm up to 16 commercial airline tickets a month.

According to the Post, the next of kin haven t seen a penny since the verdict in 2015.

He owns 上海龙凤论坛 新上海贵族宝贝论坛a home on Staten Island worth $1 million, a $300,000 home in the U.S. Virgin Islands, along with a $500,000 airplane, the Post previously reported. In addition to the damages, Lomma reportedly owes $7.8 million to a business parter, $3 million to an aviation finance company, plus $300,000 in back taxes.

In October,爱上海同城论坛 爱上海同城 a judge rejec[……]

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MDG Design and Construction

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MDG buys ground lease for 25-building Far Rockaway complex Developer secured $385M in loans from HFA

The complex at 430 Bea爱上海同城对对碰 爱上海同城论坛ch 54th Street in Far Rockaway

UPDATED, 4:10 p.m., Jan. 10: Affordable housing developer MDG Design + Construction scooped up a 99-year ground lease for a 25-building, city-owned complex in Far Rockaway for $109 million, according to property records filed with the city Tuesday.

The buildings collectively have 1,395 rental apartments. The complex at 430 Beach 54th Street has 582 units across 10 buildings, while the one at 439 Beach 54th Street has 813 units across 15 buildings.

The developer also secured $384.8 million in loans from the New York State Housing Finance Agency, documents show.

MDG, led by Michael Rooney, has “created or preserved” 14,300 affordable housing units across the city, according to the website. In the 2013, the company was accused of cheating workers out of wages on a $60 million federal housing project on the Lower East Side. The same year, the New York City Housing Authority tapped the company to repair 874 of its apartments. Emails relea爱上海 爱上海同城手机版sed last year show the MDG retained James Capalino, the lobbyist connected to the Rivington House scandal.

In a statement, N上海同城对对碰交友社区 上海夜网论坛YCHA said the lease means the buildings at Ocean Bay Houses will receive extens上海龙凤论坛 新上海贵族宝贝论坛ive renov爱上海同城 爱上海ations and repairs.

Tags: affordable housing, far rockaway
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1434 Ogden Ave

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Bronx landlord allegedly overcharged on rents despite scoring 上海同城对对碰交友社区 上海夜网论坛$3M in tax breaks Building owner received an extra $92K in rents: lawsuit

1434 Ogden Avenue (Credit: Progressive Management)

A Bronx landlord changed tenants as much as $500 more a month than was permitted under rent stabilization rules, despite scoring $3.2 million in tax breaks, a new lawsuit alleges.

Tenants represented by the Bronx Legal Services and New Settlement Apartments’ Community Action for Safe Apartments claim the owner of 1434 Ogden Avenue, SCS Realty LLC, received the tax breaks under the 421a program, DNAinfo reported.

They fi上海千花社区 上海千花网交友led a lawsuit Manhattan Supreme Court Wednesday, arguing the landlord scored around $92,000 in extra rent. The building, completed in 2007, was meant to provide affordable housing to low-income and previously homeless people in exchange for the tax break. It is listed as rent-regulated by the city, according to DNAinfo.

Progressive Management lists the 130-unit building on its website. It has studios starting at $867 up to three-bedrooms starting at $1,292.

One resident, Fressali Santana, told DNAinfo she has been overcharged by at least $100 a month. This city that we live in, everything is so expensive, Fressali said. You’re constantly thinking about rent. You don’t w上海龙凤论坛 新上海贵族宝贝论坛ant to be evicted so you have to really budget yourself.”

The 421a tax abatement expired in 2016. Last month, state lawmakers voted to revive the break, which is now known as 上海千花网论坛 上海千花网Affordabl[……]

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Trump Charlottesville

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Last month, The Real Deal reached out to more than 50 top real estate executives for a quick gut check after President Donald Trump’s controversial上海夜网论坛 上海夜网 remarks about the violence in Charlottesville, Virginia. While the majority declined to talk, or disregarded the inquiry, there was no shortage of emails, Twitter responses and online comments after the story went live. The many reactions — both supportive and critical of our coverage —上海龙凤论坛sh1f 上海龙凤论坛 remind us that uncomfortable conversations are often needed to deal with uncomfortable moments. If one thing is certain, 2017 won’t be remembered as a year of political correctness.

I am appalled by th爱上海同城手机版 新爱上海同城对对碰论坛e above referenced article, which is nothing more than a thinly veiled example of anti-Semitism that singles out Jews in the real estate industry and somehow seeks to hold them accountable for social commentary on anti-Semitism and the rantings of Donald Trump. I have never before complained to a media outlet, or commented on social media, that their content was anti-Semitic, and I am shocked that I am now having to contact The Real Deal, a media outlet I had hereto been a devout reader of.

You have identified and listed Jewish individuals and if they have any affiliation with any Jewish group, you have made the blanket assertion that [they] “ share the goal of confronting anti-Semitism.”

This article directly plays up anti-Semitic tropes that:
1) Jews own all real estate in New York
2) That they value money over morals
3) “A Pro[……]

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Manhattan Home Sales

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Manhattan resi sales volume down 13% Condos, co-ops and townhouses all registe上海夜网 阿爱上海同城red price declines in the borough

From top: Luxury homes at 158 Mercer Street and 212 West 18th Street

According to this week’s market reports, Manhattan residential sales slowed down in the fourth quarter and New York ranked fourth in the country in terms of self-storage construction.

Residential

FiDi Rental Report | Platinum Properties

The number of rentals in the Financial District that saw price cuts dropped by 46 percent year-on-year to 635 units. During the fo上海千花网交友 上海千花网论坛urth quarter, the average price for FiDi rentals rose by 5.6 percent year-on-year. Three-bedroom apartments posted the largest price hike, with rates going up by 40.上海千花网 爱上海同城对对碰8 percent to $16,847. Read the report here.

Sales | Stribling

A total of 2,203 residential sales were recorded in Manhattan during the fourth quarter, down 13 percent from a year ago. The co-op market was the most robust segment, accounting for 52 percent of all closings. For the quarter, Lower Manhattan registered the highest number of closings at 25 percent. It was also the most expensive market with an average of $1,715 per square foot. Read the report here.

Sales | Halstead

The average price for resale apartments dropped 2 percent year-over-year to $1.4上海贵族宝贝 上海千花网龙凤论坛8 million during the fourth quarter. Co-op resale prices stood at $1.24 million, a 0.7 percent increase from the same time last year. Condo resale prices, meanwhile, registered a four percent drop to $1.98[……]

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After ex

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After ex-spy s poisoning, Britain threatens Russian elite s London assets Is this the beginning of the end for “Londongrad?”

From left: Roger Moore, Vladimir Putin and Queen Elizabeth II in 2003. (Credit: Al上海千花网 爱上海同城对对碰lan Warren, Michel Curi/Flickr, Kremlin)

Prime Minister Theresa May is armed and could be dangerous to wealthy Russians who park dubious funds in London property and UK-based businesses.

Her likely weapon of choice? Britain s new unexplained wealth orders (UWOs), which went into effect at the end of January and have been used once so far against an unnamed Asian politician. UWOs allow authorities to seize property阿爱上海同城 阿拉爱上海同城 and assets if a buyer s income is lower than their purchases and they buyer cannot prove their bank account is being lined by legitimate sources.

After expelling 23 Russian diplomats earlier this week, May said her government would “freeze Russian s爱上海同城对对碰 爱上海同城论坛tate assets wherever we have the evidence that they may be used to threaten the life or property of U.K. nationals or residents” and target “serious criminals and corrupt elites,” according to the New York Times. She also promised to introduce legislation similar to the U.S. Magnitsky Act, which allows American authorities to freeze Russian assets on humanitarian grounds.

The threat to Londongrad in particular after all, London is a well-known favorite among foreign politicians and oligarchs looking to buy homes comes after a former Russian spy and his daughter were poisoned in London this week with a[……]

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Capstone Equities

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Capstone and Highgate score $130M loan to buy W hotel Partners close on $190M purchase of 541 Lexington Avenue

Mahmood Khimji, Joshua Zamir and 541 Lexington Avenue

Capstone Equities and Highgate pulled off roughly $130 million in financing to close on their purchase of the W Hotel New York on Lexington Avenue, sources told The Real Deal.

LoanCore Capital, a Connecticut-based asset manager, provided 70 percent of leverage on the $190 million purchase of 541 Lexington Avenue in Midtown East, according to sources familiar with the deal.

The 697-爱上海龙凤419桑拿 上海龙凤论坛sh1fkey property will now be operated as the Maxwell instead of the W.

Host Hotels Resorts, a publicly traded hotel investment firm, e上海同城对对碰交友社区 上海夜网论坛ntered contract in February to sell to Capstone and a then-unidentified equity partner. HEI Hotels was previously rumored to have equity in the deal.

Eastdil Secured brokered the deal and the loan.

Representatives for Capstone, Highgate and Eastdil declined to comment. LoanCore could not be reached.

Capstone led by Joshua Zamir, Daniel Ghadamian and Justin Adelipour partnered with the Khimji brothers’ Highgate last year to buy the Nyma hotel in Koreatown for $52 million.

Highgate was Manhattan’s most active hotel buyer in 2016 and 2017, having bought the 600-plus-room Affin上海夜网 阿爱上海同城ia Manhattan on 上海贵族宝贝交流区 上海贵族宝贝论坛Seventh Avenue, the Royalton New York on West 44th Street, the Gansevoort Park Avenue, and the Nyma.

Tags: capstone equities, Commercial Real E阿拉爱上海同城 爱上海龙凤419桑拿state, highgate, Real Estate Finance, w hotel[……]

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Lockwood Development Partners

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Las Vegas developer is interested in buying Anbang’s hotels Lockwood Development Partners among likely bidders

Essex House at 160 Central Par上海千花社区 上海千花网交友k South (Credit: Wikipedia)

A Las Vegas developer and its partners are eyeing Anbang’s hotel portfolio.

Lockwood Development 爱上海 爱上海同城手机版Partners has expressed interest in buying 15 hotels from the Beijing-based company, the New York Post reported. Franchisees of Hilton, Marriott, Four Seasons and InterContinental are in the Everhardt bidding group.

Anbang, which was recently taken over by the上海夜网 阿爱上海同城 Chinese government, owns 18 hotels in the U.S. The developer said Anban上海夜网论坛 上海夜网g is asking for bids based on the rate of return on hotel income, the report said. Its portfolio includes Essex House in Manhattan, but it’s unclear whether it’s for sale — and which上海龙凤论坛sh1f 上海龙凤论坛 of the 18 properties will be included.

The Waldorf Astoria is not among those for sale, the report said.

Anbang has been approaching prospective buyers directly, since the pool of investors who can snag the entire portfolio is limited. In May, its former chairman, Wu Xiaohui, was sentenced to 18 years in prison after being convicted of fraud and embezzlement.

Other Chinese companies have also been seeking to offload real estate assets amid government pressure. HNA Group is in talks to sell  850 Third Avenue. [NYP] — Meenal Vamburkar

Tags: Angbang Insurance Group, Commercial Real Estate, essex house
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