Durst works out a sale for Eichner’s East Harlem site Developer in contract to buy distressed property at 1800 Park Avenue
The Durst Organization worked out a sale with Ian Bruce Eichner to buy his distressed development site in East Harlem.
Earlier 上海贵族宝贝交流区 this year, Durst acquired just shy of $100 million worth of distressed debt on the property at 1800 Park Avenue, where Eichner’s the Continuum Company had plans to build Upper Manhattan’s tallest towers: a pair of 32-st上海夜网论坛 ory mixed-use buildings with 682 rental apartments.
The Durst Organization moved to foreclose on the site and even scheduled an auction for late April. But rather than go through the prolonged and messy foreclosure process – where Eichner could potentially make life difficult for Durst by holding things up in the courts – the two sides c上海千花网论坛 ut a deal behind the scenes in a sale, sources said.
“We have entered a contract to purchase the property,” Durst spokesperson Jordan Barowitz told The Real Deal.
It’s not clear how much Durst paid for the site. A memorandum of contract hit property records last week, though no price was listed.
Eichner could not be immediately reached for comment.
Prior to losing the site fronting the full block along Park Avenue between East 124th and 125th streets, the developer had poured a footing that makes it eligible for the now-expired 421a tax abatement.
The bust leaves Eichner, a charismatic developer who appears to have nine lives, with上海贵族宝贝论坛 a record of 1-1 during thi[……]
As prices soar, NYC homeowners saddled with housing costs More than 25% of owners pay more than half their income on housing
Rowhouses on Kane Street between Clinton Street and Tompkins Place in Cobble Hill
New York real estate isn t cheap — but a new study shows just how many city dwe上海龙凤论坛 llers are saddled by the high cost of home ownership.
Nearly half of New York City homeowners are paying 30 percent or more of their income on housing, according to a new study by New York University s Furman Center. More than 25 percent pay more than half of their income on housing.
Soaring real estate prices have exacerbated the strain, according to the report, which noted that increased prices have basically made certain neighborhoods affordable for only the 1 percent. “The purchasing power of most New York City households is limited, largely due to growing housing prices and stagnating incomes since 1990,” the report said, according to the Wall Street Journal.
In fact, only 42 percent of residential sales were made by low- to middle-income New Yorkers, the report found. That demograph爱上海同城 ic makes up 77 percent of New York households, who earn up to $114,000 a year.
Brooklyn homeowners face the heaviest burden, according to the report, with 52 percent of homeowners paying more than 30 percent of their income on housing. In Manhattan, homeowners pay 24 percent of their income on housing.
Affordable housing is a signature issue for the current administration and Mayor Bill de Blasio s plan t[……]
Mayor’s contract office eyes 35K sf at Fosun’s 28 Liberty De上海贵族宝贝论坛 partment oversees $17B worth of contracts each year
Fosun International s Eric Horvat and 28 Liberty Street
The city department in charge of overseeing more than $17 billion in contracts is the latest public office to eye an upgrade.
The Mayor’s Office of Contract Services plans to lease 35,000 square feet at the Fosun International’s 28 Liberty, according to a notice posted by the Department of City Planning.
The office, probably best known in recent months for its role in the Rivington House scandal, is currently located across from City Hall at 253 Broadway, a 14-story city-owned building the department shares along with the Mayor’s Office of Operations.
The Shanghai-based Fosun bought 28 Liberty, then known as One Chase Manhattan Plaza, in 2013 for $725 million. It then laid out a plan to revamp the 2.2 million-square-foot property with a price tag somewhere between $100 million and $200 million. Plans called for stripping the black granite walls from the tower’s elevated plaza and adding up to 175,000 square feet of retail.
The landlord began chipping away at the 60-story tower’s vacancy last year when it si上海龙凤论坛sh1f gned Ironshore, an insurer Fosun owns a 20-percent stake in, to 100,000 square feet in the building. There’s currently about 700,000 square爱上海同城对对碰 feet of available space in the building.
Restaurateur Danny Meyer of Union Square Café fame will oversee the new catering and events space on the[……]
An artistic rendering showing a possible glitzy future of Treasure Island.Skidmore, Owings Merrill LLP; dbox; CMG
Treasure Island, a man-made island off the coast of San Francisco, looks more like a postapocalyptic wasteland than a Bay Area suburb.
But as demand for housing in the tech capital continues to climb, developers have turned to Treasure Island in hopes of creating the next big real-estate destination.
In 2011, the city of San Francisco approved a proposal to add 8,000 homes, 500 hotel rooms, 300 acres of parks, 140,000 square feet of retail, and 100,000 square feet of office space to the island over 15 years. It comes with a price tag of $5 billion.
With construction on infrastructure underway, we decided to spend the day exploring Treasure Island — and learned there s more to this former toxic-waste site than meets the eye.
You can live in San Francisco your 上海千花网 whole life and never set foot on Treasure Island.
Treasure Island sits in the San Francisco Bay halfway between mainland San Francisco and Oakland.
It doesn t get many visitors outside its two major attractions: a flea market held on the last weekend of the month and a music festival that draws tens of thousands of fans. The festival was postponed this year because of the massive development project.
On a recent weekday, I learned that Treasure Island was closer to downtown San Francisco than my San Francisco apartment is. I reached the island from the city s SoMa district in about 15 minutes by bus.[……]
Amy Poehler pays Will Arnett millions to keep West Village condo The 3K sf home at 1 Morton Square has three bedrooms
Will Arnett, Amy Poehler and 1 Morton Square
“Parks and Recreation” star Amy Poehler paid her ex-husband and fellow comedian Will Arnett $6.5 million to keep their apartment at 1 Morton Square in the West Village, according to records filed with the city Thursday.
The three-bedroom, three-and-a-half bathroom apartment spans 2,500 square feet.
The couple separated in 2012 after a nine-year marriage. Their divorce was finalized in 2014, according to the Associated Press.
The 14-story bui上海龙凤论坛sh1f lding, developed by J.D. Carlisle Development in 2004, features a children’s上海千花网 playroom, a gym and a garage. Oliver Stone listed his apartment there for $2阿拉爱上海同城 .9 million. Victoria’s Secret model Erin Heatherton an上海千花网交友 d actors Julia Roberts and Daniel Radcliffe have also called the building home.
Representatives for Poehler and Arnett could not be immediately reached for comment.
Tags上海同城对对碰交友社区 : celebrity real estate, Residential Real Estate
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Clipper Realty gets $606M to refinance Brooklyn, Tribeca rental buildings New York Community Bank provided the loan for Flatbush Gardens
David Bistricer and Flatbush Gardens
UPDATED, 3:25 p.m., Feb. 22: Clipper Realty has received a 10-year, $246 million loan from New York Comm上海千花社区 unity Bank for its debt on Flatbush Garden阿拉爱上海同城 s, along with a 上海夜网 10-year, $360 million loan from Deutsche Bank for its debt on Tribeca House.
The company paid off mortgage loans on Flatbush Gardens worth about $168 million and loans on Tribeca House, a pair of rental buildings on Murray and Park Place, totaling $410 million, according to a press release from the company. The refinancing lowers Clipper Realty’s interest rates on both loans, provides extra liquidity, solves most of its variable ra新爱上海同城对对碰论坛 te debt and reduces its annual debt service.
Larry Kreider, CFO of Clipper Realty, said in a statement that the transactions will initially reduce Clipper’s annual debt payments by a上海龙凤论坛sh1f bout $6.6 million.
The Flatbush Gardens loan has a 3.5 percent annual fixed interest rate, while the Tribeca House loan has a roughly 4.5 percent fixed interest rate. An Iron Hound team led by Robert Verrone and Robert Vernicek brokered the Tribeca House loan.
The David Bistricer-led firm, now a real estate investment trust, purchased Flatbush Gardens, a 59-building residential complex with 2,500 largely rent-stabilized apartments in central Brooklyn, in 2005 for $138.2 million through Renaissance Equity[……]
Chicago Tribune s plan to move its sign, worth $1, triggers lawsuit from landlord It’s the little th上海龙凤论坛sh1f ings, like a newspaper上海同城对对碰交友社区 ‘s giant sign, that matter in life.
(Credit from back: Lisa Andres, Frits Ahlefeldt)
You know it s serious when a landlord sues over $1.
The owner of the Tribune Tower, a joint venture entity between Los Angeles developer CIM Group and Chicago’s Golub Co., is contesting the assertion of their long-time tenant, the Chicago Tribune, that it owns its eponymous signage on the exterior of the building by filing a lawsuit against the paper, as the Tribune reported.
The developers suit claims they “acquired the building with the expectation that the rare and special sign bearing the name ‘Chicago Tribune’ would remain as a roof installation” and the JV would be “irreparably harmed” if the Tribune took the sign away when the newspaper vacates the building this coming June.
CIM and Golub bought the tower in 2016 for $240 million and said that the lease, 上海贵族宝贝论坛 carried over from the previous owner Tribune Media and signed by the Chicago Tribune s parent company, Tronc, includes a provision that gives them, as the building owner, the right to buy the sign for $1.
The developers plan on redeveloped the 1925 tower into a mixed-use complex with a hotel, retail and residential space, though plans have not been released.
Whether Tronc plans to take up the figh上海同城对对碰交友社区 t is unclear, though the company told the newspaper in a statement that Tronc s int[……]
RXR Realty sues development partner Renaiss上海龙凤论坛 ance Downtowns, potentially upending 2 major projects
The future of two major revitalization projects— one in the village of Hempstead and one in Huntington — became unclear when RXR Realty sued its development partner Renaissance Downtowns for $9 million. RXR said that “in light o新上海贵族宝贝论坛 f irreconcilable differences between RXR and Renaissance, the projects will not be goin上海千花网 g forward and will not be completed,” Newsday reported. The suit added that “RXR does not trust Renaissance, and can no longer do business with Renaissance.” The firms had been working as a single entity,上海千花网 RDRXR LLC, on the two projects. The suit alleges that Renaissance spent more than $3.1 million in the joint firm’s funds without RXR knowing, paying for a “misguided political strategy in last year’s mayoral race in the village of Hempstead.” Renaissance has entered into arbitration with a neutral third party, according their attorney Sean McAloon of Rivkin Radler. [Newsday]
Tags: long island
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Essex Crossing developer lands $161M to refi rental building Wells Fargo and Goldman Sachs provided the debt
The Rollins at 145 Clinton Street
Delancey Street Associates just landed a $161 million refinancing package for its market-rate, mixed-use rental buil上海千花网论坛 ding at Essex Crossing.
The developer, a joint-venture partnership between BFC Partners, L+M Development Partners, Prusik Group and Taconic Investment Partners, received a $93 million loan from We阿爱上海同城 lls Fa上海龙凤论坛 rgo for the Rollins, an apartment building at 145 Clinton Street named for jazz tenor saxophonist Sonny Rollins, the New York Post reported. Goldman Sachs also provided $68 million through its commercial mortgage-backed securities group for the retail portion of the building.
JLL Capital Markets Jonathan Schwartz, Mark A. Fisher and Sean Bastian represented the developer on the refinancing deal.
Roughly 10,500 square feet of the Rollins retail portion remains available. Trader Joe s and Target, as we上海贵族宝贝 ll as Spectrum are leasing space at the building. The 16-story-building has 211 apartments, of which 107 are market-rate.
According to Delancey Associates, a 55-unit condo project at 242 Broome Street — also part of Essex Crossing — is more than 75 percent sold out. Leasing is expected to launch soon at 125 Delancey Street. [NYP] — Kathryn Brenzel
Tags: bfc partners, Real Estate Finance, taconic investment partners
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Brookland is facing a crisis in Israel. What does that mean for its US portfolio? As uncertainty and a special administrator loom, Gilad’s firm is putting Brooklyn properties on the block to free up cash
Boaz Gilad with the Tel Aviv and Brooklyn Skylines (Credit: iStock)
Boaz Gilad was a pioneer among U.S. real estate developers raising cheap capital in Israel.
Over the last five years, a holding company tied to Gilad’s Brookland Capital issued about $54.5 million in bonds on the Tel Aviv Stock Exchange, using the proceeds toward its ever-expanding Brooklyn multifamily portfolio. But on Jan. 2, amid concerns in Israel over the company’s ability to pay back its debts, bondholders gave Gilad three hours to relinquish control of Brookland Upreal — the British Virgin Islands-incorporated entity that issues bonds in Israel — to a special administrator.
And now that bondholders are appointing someone else to oversee the BVI holding company, the implications on Brookland’s U.S. portfolio of more than 30上海贵族宝贝 properties and 2,000 housing units remain unclear.
“They don’t care about my company. They don’t care about my employees,” Gilad said. “All they care about is squeezing as much money from the company as possible to pay the bonds.”
Gilad, who owes about $42 million to bondholders over the next three years, acknowledged that it had been a rough year. Brookland, known for being the most prolific developer in Brooklyn, has been struggling with rising construction costs and internal res[……]