Starrett Corporation

Starrett asks $105M for 146 rent-regulated units on UWS Larry Cohen-led firm converted building to condos in 2013

175 West 95th Street

Larry Cohen’s Starrett Corp. has put 146 units at an Upper West Side condominium conversion on the market for more than $105 million, sources told The Real Deal.

Starrett, a division of Cohen’s Pembroke Cos., is looking to unload the rent-regulated apartments at 175 West 95th Street, a 28-story rental building that Starrett converted into a condominium property in 2013. The building, with an alternate address of 733 Amsterdam Avenue, also has three commercial units.

Of the building’s 229 units, 80 market-rate condos have already sold, according to broker Mar上海千花网交友 上海千花网论坛k Zborovsky , who is marketing the block of unsold units.

The property, formerly known as t上海千花社区 上海千花网交友he Axton, was built in 1971 as Mitchell-Lama housing. Starrett has owned the building for decades and began the process of removing the building from the housing program several years ago.

In 2013, the landlord filed plans to convert the rental building into condos, projecting a sellout of $232 million.

Renovations of the hallways, roof and balconies are expected to be done by the end爱上海 爱上海同城手机版 of the year, and Zborovsky called the 146 for-sale units a “virgin block,” meaning the owners hadn’t approached tenants about the possibility of a buyout in several years.

Recent condo sales at 175 West 95th include a 1,253-square-foot, three-bedroom pad that went for $2.2 million, while a 642-square-foot one-bedroom sold for just under $975,000, according to StreeEasy.

Last week, Starrett sold nearly half the residential condos at another nearby condo, 100 West 93rd Street, where Trader Joe’s is set to open a new store.

Bulk-unit packages are a modest slice of the New York investment sales market, data reviewed by TR上海龙凤论坛sh1f 上海龙凤论坛D in October show. Sellers are drawn to bulk sales because of benefits such as lower transaction costs and tax savings.

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La Guardia Reconstruction

La Guardia reconstruction leads to travel nig爱上海同城论坛 爱上海同城htmares Many say they won’t be using the airport for years to come

A rendering of the new LaGuardia Airport

La Guardia Airport s status as a “third-world” airport just got even worse amidst its eight-year, $8 billion overhaul. As construction blocks the way of travellers and cabs, wait times have skyrocketed and fliers are increasingly 上海贵族宝贝交流区 上海贵族宝贝论坛forced to haul their luggage down the highway.

Travelers Navigating The Grand Central Parkway is now a common sight, as construction has brought traffic entering the airport to a standstill, according to the New York Times.

The Transportation Security Administration now warns to arrive at La Guar新上海贵族宝贝论坛 上海贵族宝贝交流区dia “a minimum of 2-2 ½ hours” before takeoff. Serio上海贵族宝贝 上海千花网龙凤论坛us business travelers have told the Times that they are now abandoning the airport altogether.

“I’ve heard too many stories about people missing flights and abandoning taxis to carry their bags, and a trip from car to terminal taking more than half an hour, sometimes as much as an hour,” John J. Degnan, chairman of the Port Authority of New York and New Jersey, said. “It’s totally unacceptable to expect the traveling public to put up with these conditions for a multiple-year period.”

Reconstruction plans include replacing the central terminal, two new concourses and pedestrian bridges. [NYT] –Christopher Cameron

Tags: la guardia airport
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Kramer Levin

Bar tab: Kramer Levin, Starr Associates extend lead in NYC condo filings Stroock & Stroock & Lavan drops off TRD’s 2016 ranking

From left: Jay Neveloff, Samantha Sheeber, Stuart Saft and Alvin Schein

When it comes to filing condominium plans for new development projects in New York, Kramer Levin Naftalis Frankel and Starr Associates continue to rule the roost, and in fact pulled even further ahead of rival law firms over the past year.

The Real Deal ranked the city s top 15 law firms by the total value of new condo filings they prepared that were accepted by the New York State Attorney General’s office between Oct. 1, 2015 and Sept. 30, 2016.

Kramer Levin, whose real estate condo practice is co-headed by Jay Neveloff and Jonathan Canter, took the top spot in 2015, with seven projects valued at $7.3 billion, up 73 percent year-over-year. Starr Associates , whose condo practice is led by Allan Starr and Samantha Sheeber, came in second, with 20 projects valued at $5.1 billion, up 31 percent year-over-year.

In third place was Holland Knight, whose condo practice is led by Stuart Saft. The firm had $1.9 billion in plans accepted, down about 7 percent year-over-year, while Seiden Schein, led by Alvin Schein, had $1.5 billion in plans, up nearly 90 percent year-over-year.

Rounding out the top five was Schwartz Sladkus Reich Greenberg Atlas, a firm founded in 2015 by alumni of the real estate practice at Wolf Haldenstein Adler Freeman Herz. Schwartz Sladkus, whose condo practice is led by Jeffrey Schwartz, had eight projects worth $609 million accepted over the past year.

The condo projects in this ranking, such as Extell Development’s One Manhattan Square and Related Companies 15 Hudson Yards, moved forward during a turbulent period in the high-end residential sales market, which saw softening demand and a softer international buyer pool.

Source: The Real Deal analysis of condo filings with the New York State Attorney General, accepted between Oct. 1, 2015 and Sept. 30, 2016, and compared with the prior 12-month period. The dollar ranking was based on price at acceptance.

One of the most ambitious projects in recent years, 上海夜网 阿爱上海同城the $1.9 billion offering for the upper portion of the Sony Building at 550 Madison Avenue, w上海贵族宝贝交流区 上海贵族宝贝论坛as abandoned in April when Clipper Equity and the Chetrit Group decided to sell the building for $1.4 billion to the Olayan Group. The Saudi investment firm will continue to operate it as an office property.

Insiders said the slowdown on the high end has caused several changes, including a decline in land sales, and developers willing to put up condo buildings in more affordable neighborhoods, both in Manhattan and in the outer boroughs.

“The areas that are desirable for condo sales are expanding,” said Schein, citing a project on 4th Avenue in Brooklyn as a neighborhood new to their practice.

The current crop of projects, Saft said, are from acquisitions made years ago. That said, he believed the market was not a阿爱上海同城 阿拉爱上海同城s dire[……]

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Rabsky Group

Six workers injured after floor collapses at Rabsky Group construction site Developer is building an 18-story apartment b上海千花社区 上海千花网交友uilding at 42-20 27th Street in LIC

Rendering of 42-20 27th Street (Credit: ODA New York)

Six hard hats were sent to the hospital after suffering minor injuries while working on a Rabsky Group project in Queens.

The accident took place around 11 a.m. on Monday at 42-20 27th Street in Long Island City, when part of the eighth floor fell onto the seventh floor, hours after concrete had been poured, according to DNAinfo.

The workers suffered injuries to their backs, arms and legs and were taken to nearby hospitals for treatment, but all were in stable condition, the new上海夜网论坛 上海夜网s website reported. The Department of Buildings has stopped construction at the site pending爱上海 爱上海同城手机版 a full investigation of the incident.

The Rabsky Group has been constructing an 1上海千花网龙凤论坛 上海千花社区8-story, 140,000-square-foot building at the site with about 3,000 square feet of commercial space. The company, led by Simon Dushinsky and Isaac Rabinowitz, in November 2015 upped the unit count from 99 units to 195 apartments.

Rabsky is one of the largest residential developers in Queens and Brooklyn. The company’s other major爱上海龙凤419桑拿 上海龙凤论坛sh1f projects include a redevelopment of the Rheingold Brewery in Bushwick and a building at 249 Wallabout Street in Williamsburg that would include more than 1,500 units. Earlier this month, the company went into contract on a 2.65-acre development site along the Williamsburg waterfront for $50 million. [DNAinfo] –Eddie Small

(To view more of Rabsky Group s new construction projects, click here)

Tags: construction accidents, Development, Rabsky Group
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Gary Cohn

Joe Sitt s frequent partner is a front-runner to head the Fed Gary Cohn has investe上海龙凤论坛 新上海贵族宝贝论坛d in several Thor ventures

President Donald Trump, Joe Sitt and Gary Cohn (Credit: Getty Images)

President Trump s chief economic adviser Gary Cohn is a front-runner to become the next chairman of the Federal Reserve. And wouldn t you know he has a connection to New York real estate the former Goldman Sachs investment banker is an equity partner 上海贵族宝贝论坛 上海贵族宝贝on at least five Big Apple properties owned by Joe Sitt s Thor Equities.

Cohn is being considered for and is interested in the position, though he hasn t said so publicly, Bloomberg reported. Former colleagues and Fed employees said Cohn would be a bulldog guiding an institution of eggheads if he ultimately gets the job. They described him as an aggressive person, who might not enjoy the policy-heavy aspects of the gig. Cohn would also be the first Fed chair since Paul Volcker not to have a Ph.D.

“I can’t see why he would want to spend all his hours in those meetings deali阿爱上海同城 阿拉爱上海同城ng with material that’s as dry as a bone,” Jay Dweck, a former Goldman partner, told Bloomberg. “He has no patience for that kind of stuff.”

But Christopher Pia, a friend of Cohn s and former hedge funder, said that what Cohn “lacks in economic policy and political know-how, he makes up for in tenacity and loyalty.”

Though Trump criticized Janet Yellen on the campaign trail for keeping interest rates low for too long, Cohn would likely follow a similar course as his predecessor.

Cohn holds personal interests in or receives distributions from LLCs affiliated with Thor-owned buildings at 115 Mercer Street, 452 West Broadway, 98 Morningside Avenue, 1231 Third Avenue and 1566 Fifth Avenue, The Real Deal reported in April, citing finan爱上海同城手机版 新爱上海同城对对碰论坛cial disclosures released by the White House. He also holds a stake in Thor’s luxury shopping center at 65 Boulevard de la Croisette in Cannes, France. [Bloomberg] — Kathryn Brenzel

Tags: Donald Trump, federal reserve, joseph sitt, Politics
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Richard Smith Realogy

Realogy names successor to CEO after
21 years Ryan Schneider come爱上海同城对对碰 爱上海同城论坛s from Capital One

From left: Richard Smith, Kathy Korte, Ryan Schneider and Pam Liebman

Realogy Corp. — the parent company of the Corcoran Group, Citi Habitats and Sotheby s International Realty — has tapped a banking executive with a track record of using data and technology to drive business as its new CEO.

Ryan Schneider, an executive at Capital One, will succeed longtime chief executive Richard Smith, who has steered the New Jersey-based real estate conglomerate for 21 years. Smith and Realogy disclosed the hunt for a successor earlier this year in regulatory filings. Schneider, who takes the job amid increasing competition in the brokerage world, will assume the CEO post on Dec. 31.

Schneider got his start at management consulting firm McKinsey Co., and joined Capital One in 2002. From 2007 to 2016, he was president of its Card division, where he oversaw 10,000 employees and grew net income to more than $2 billion a year.

In a statement, Michael Williams, Realogy s lead independent director, cited Schneider s experience utilizing Big Data, rigorous analytics and new technology to drive results. Williams, a former president and CEO of Fannie Mae, wil上海贵族宝贝 上海千花网龙凤论坛l also succeed Smith as Realogy s chairman of the board.

In March, Realogy s board offered Smith a two-year contract while it formalized a successi上海贵族宝贝 上海千花网龙凤论坛on plan for the company, a process he was part of.  Smith was tapped as the corporation s CEO after leading Cendant Corp. s real estate division, which was spun off to create Realogy. Analysts have credited him with getting Realogy s business back on track and paying down debt following its IPO in 2012. He also steered Realogy through the worst housing crisis in recent history. Last year, the company generated $5.8 billion in revenue, up 2 percent from 2015.

As part of Realo上海贵族宝贝交流区 上海贵族宝贝论坛gy s succession plan, the company created a president and COO role to ensure a deep bench of management talent, a spokesperson told The Real Deal earlier this year.

Corcoran Group CEO Pam Liebman s track record has fueled speculation that she could be tapped for a larger role within the company s NRT division, which includes Corcoran, Citi Habitats and Sotheby s International Realty. “She’s capable of running something much larger,” Smith told TRD last year. “Someday, she could run NRT.”

Tags: realogy, Residential Real Estate, richard smith
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Dennis Wong

Dennis Wong buys out Dermot at Kips Bay rental building The $50M stake sale ups Verbena Road’s ownership in the 23-story building

Dennis Wong And 377 East 33rd St上海千花网论坛 上海千花网reet in Kips Bay

Dennis Wong bought out the Dermot Company s stake in上海龙凤论坛sh1f 上海龙凤论坛 the 23-story luxury rental building at 377 East 33rd Street, records filed with the city Monday show. The stake sold for $49.5 million.

Wong, who runs Verbena Road Holdings (previously SPI Holdings), is also an investor in Dermot. Therefore, his increased ownership in the Kips Bay building is moving from one of his investment concerns to another. Previously, sources told The Real Deal that Wong wanted fuller control of the property after becoming dissatisfied with Dermot s management.

Ap爱上海龙凤419桑拿 上海龙凤论坛sh1fartments at 377 East 33rd Street, known as the Lanthian, currently list for between $2,815 for a studio up to $5,827 for a large two-bedroom.

Dermot bought the 209-unit building from its developer, AvalonBay Communities, for $175 million in 2015. It holds 185,549 square feet of residential space and 19,000 square feet of commercial space.

上海千花网交友 上海千花网论坛Wong did not immediately respond to a request for comment. The San Francisco developer is also a minority owner in the NBA team the Golden State Warriors. His stake in Dermot was first reported in 2015, after he purchased a 50 percent stake in the company in partnership with Dermot executives and the London-based Forum Partners.

In 2016, Verbena Road acquired a portfolio of Los Angeles-area rental buildings for $430 million.

Last year, Wong put his Bay Area mansion on the market for $32.8 million.

Tags: dermot co爱上海同城 爱上海mpany, Real Estate Finance
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New York Post Publisher

Former New York Post publisher s penthouse hits the market Dorothy Schiff used to live in the seven-bedroom co-op, right next to Bernie Madoff

Dorothy Schiff. (Credit: LIMO, courtesy Douglas Elliman)

A Lenox Hill penthouse that the late long-time New York Post publisher Dorothy Schiff used to call home is asking for $22 million.

The seven-bedroom co-op at 133 East 64t爱上海同城 爱上海h Street is one of two penthouse units in the 1920s-era building on Lexington Avenue the other penthouse was once owned by Bernie Madoff.

The estate of the late Schiff sold the apartment within 新上海贵族宝贝论坛 上海贵族宝贝交流区months of her death in 1989, according to a document provided by listing agents Michael Lorber and Alexander Boriskin of Douglas Elliman. Boriskin refused to reveal the identity of the buyer and current owner of the co-op, who has lived in the penthouse for near上海贵族宝贝 上海千花网龙凤论坛l上海龙凤论坛 新上海贵族宝贝论坛y 30 years, and is now looking to sell.

They just don t need an apartment this large anymore, Boriskin said of his clients. They re not trying to test out the market. They re looking to sell.

Facing a weak market overrun with luxury listings, Boriskin admitted pricing the co-op was a challenge, but maintains it s priced fairly.

I can t say there s a laundry list of 7- [or] 8-bedroom apartments, he said. The listing went live Thursday night and he claimed an interested party contacted them literally within minutes to set up a viewing.

Schiff owned the Post for almost four decades between 1939 and 1976, when she sold it to Rupert Murdoch. Under Schiff s direction, the paper became profitab爱上海同城手机版 新爱上海同城对对碰论坛le and was known for tabloid-style articles, columns and comics with a focus on the scandals of the day, sex, politics and celebrities.

Tags: Bernie Madoff, Residential Real Estate
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AMS

Westchester Fairfield Cheat Sheet: AMS buys Yonkers lot for $18.3M, Stamford Marriott sells for $31.6M … more

Clockwise from top left: AMS buys lot in Yonkers for $18.3M with plans to build 14-story rental building; Stamford Hotel Propco LLC buys “distressed” Stamford Marriott hotel site for $31.6M; 24-story, 225-key “urban resort” hotel planned for entrance to New Rochelle; and a waterfront home in Larchmont with views of Long Island Sound sells for $10.3M.

AMS buys lot in Yonkers for $18.3M with plans to build 24-story rental building
New York City-based A爱上海同城论坛 爱上海同城MS Acquisitions LLC has snapped up a 50,000-square-foot lot in downtown Yonkers for $18.3 million, the real estate investment firm said in a release. AMS plans to build a 24-story rental building with 361 units at the site at 55 Buena Vista Avenue, which was once home to the Teutonia Music Hall. Last week, AMS said it planned to shell out $16 million to the City of Yonkers for the 6-acre Chicken Island parking lot, where it will build a mixed-use development and luxury hotel. “We believe these sites are some of the best locations in downtown Yonkers,” said a statement from Avie Abadie, a principal at AMS Acquisitions. AMS purchased the site on Buena Vista Avenue from Kohl Construction, according to the firm. [AMS]

Stamford Hotel Propco LLC  buys “distressed” Stamford Marriott hotel site for $31.6M
HD Realty Associates LLC is parting ways with the Stamford Marriott site in Stamford. The firm sold the hotel on Tresser Boulevard to Stamford Hotel Propco LLC for $31.6 million, the Fairfield County Business Journal reported. The outlet noted the new owner will have to deal with the “distressed” property’s financial woes. The Stamford Marriott has an outstanding mortgage of around $60 million and has faced foreclosure. The hotel was built in 1975 and houses around 500 rooms and approximately 26,000 square feet of meeting space, according to the FBJ. It wasn’t immediately clear what Stamford Hotel Propco is going to do with the hotel site now that it’s purchased the property. [FBJ]

NYC-based firm sells eight buildings in Yonkers to Scarsdale developer for $12.3M
A Scarsdale developer has bought eight rental apartments in Yonkers for $12.3 million in a “package deal,” LoHud reported. Canvas Blue Development purchased the apartments — which house a total of 81 units — from New York City-based Rhodium Capital Advisors, commercial real estate brokerage firm NuRealty Advisors told LoHud. Three of the buildings are on Orchard Place, three are on Fairview Street, one is on Orchard Street and one is on Woodworth Avenue, according新爱上海同城对对碰论坛 上海同城对对碰交友社区 to the outlet. “Values are rising as investors see [Yonkers’] proximity to New York City,” NuRealty’s principal real estate broker Michael Nukho, who represented Rhodium Capital, told LoHud. “They see the capital invested in the Yonkers downtown.” [LoHud]

Berkshire Hathaway HomeServices New England Properties moves from one Westport office to another
Warren Buffett’s rea[……]

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Edel Family Management

Buyer linked to multifamily landlord drops $9.2M on Gravesend manse LLC associated with Edel Family Management bought 412 Avenue T

412 Avenue T

A buyer linked to large multifamily landlord with a history of violations at its properties just paid $9.2 million for a stately mansion in the Gravesend section of Brooklyn, public records on Wednesday show.

The buyer of 412 Avenue T was an LL新爱上海同城对对碰论坛 上海同城对对碰交友社区C that lists Edel Family Management Corporation s Brooklyn location as its address and David Edelstein as its manager, according to the public record of the sale.

An EFM representative reached by email said EFM is not the buyer,爱上海同城论坛 爱上海同城 but noted the LLC lists EFM for its address and declined to comment further.

EFM, based out of 2207 Coney Island Avenue, has a portfolio of roughly 30 multifamily buildings throughout the city. As a landlord, the company has been hit with numerous violations over the years.

The state in 2014 sued EFM over 90 oil spill prevention violations at 25 of its properties in Manhattan and the Bronx. EFM settled with the state in 2015, correcting the issues and agreeing to pay a penalty of $151,000.

And in 2013, DNAinfo.com reported that one of its properties in Inwood at one point had 119 violations ranging from mice to paint that tested positive for lead content and that is peeling logged with the Department of Housing and Preservat阿拉爱上海同城 爱上海龙凤419桑拿ion.

According to records with the Department of Finance, the sellers were Joseph and Jody Cohen.

The neighborhood, a haven for the Syrian Jewish community, is known for some of the priciest home sales in Brooklyn. Thor Equities CEO Joseph Sitt in 2017 dropped $11.6 million for a 5,000-square-foot home at 1993 East Fifth Street a short walk from Avenue T.

Tags: gravesend, Residential爱上海同城论坛 爱上海同城 Real Estate
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