Harlem residents protest charter school … and more

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate 1. Bedbugs discovered at Google’s Chelsea headquarters [NYO]
2. “Law and Order” star Mariska Hargitay buys $7.34 million Hamptons property [Real Estalker] 
3. Billy Joel lowers price for Sagaponack home, now asking $19.9 million [Newsday] 
4. Downtown’s Flea Theater artist space to launch capital campaign for relocation [Crain’s] 
5. St. Nicholas House residents in Harlem petition against new charter school [NYDN] 
6. $5.2 million unit closes at the Devonshire pre-war condo conversion in Central Village [Curbed] 
7. Harlem Tavern bar to replace auto shop on 116th Street and Frederick Douglass Boulevard [Crain’s] 
8. Williamsburg’s 777 Driggs moving toward completion [Brownstoner]  
9. Why are there no skyscrapers in Manhattan loft buildings? [Real Town] 

Alexico hit with $197M suit at Flatotel

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Alexico Group is facing a $196.7 million lawsuit at the Flatotel, after Atlas Capital accused the developer of defaulting on the property’s mortgage loans. According to the suit, filed in New York State Supreme Court yesterday, Alexico borrowed $158 million from Anglo Irish Bank in January 2008 to develop the property, located at 135 West 52nd Street. But the developer allegedly failed to make three consecutive interest payments on the loan starting in January 2009 and was notified of the default in April 2009. The complaint alleges the developer then failed to make additional monthly interest payments between April 2009 and July 2010, leading the lenders to accelerate the payments due and call in the entire loan. [more]

SL Green to gain $66M from 510 Madison

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate SL Green Realty is expected to gain $66 million profit on the sale of 510 Madison Avenue, according to a report from FBR Capital Markets cited by Nasdaq. The real estate investment trust owned $280.5 million of senior and mezzanine debt on the property that was paid in full when Boston Properties acquired the building from Macklowe Properties last month. Boston Properties paid about $316 million, or about $904 per square foot, for the vacant Midtown property. [more]

BlackRock to assess industry’s CMBS losses

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Investment management firm BlackRock was hired by state insurance regulators to evaluate the industry’s potential losses from holding commercial mortgage-backed securities, Bloomberg news reported. By the end of the year, BlackRock will review more than 7,000 securities, the National Association of Insurance Commissioners said yesterday in a statement. The New York-based firm will calculate loss expectations for the holdings, which will determine how much capital insurers must hold to cushion potential declines, NAIC said. [more]

Two Trees to buy building from Moinian

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate David and Jed Walentas, the father-and-son real estate team that heads Two Trees Management, are in contract to buy a $129.5 million Chelsea office building from Joseph Moinian’s the Moinian Group, the Observer reported. In an off-market deal, the company gave a hard deposit last Friday for the 340,000-square-foot loft building at 50 West 23rd Street, next to Home Depot. The acquisition is scheduled to close within the month. [more]

Stalled Williamsburg project gets new start

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate A stalled waterfront project at 11 Broadway in South Williamsburg is being revived by L+M Development Partners and Goldman Sachs Urban Investment Group, with both parties closing this week on financing for the mixed-use development site, Crain’s reported. The project will include 134,000 square feet of residential space, 27,000 square feet of retail and commercial space, plus 29,000 square feet underground for parking. Construction on the proposed $70 million development is expected to begin at the end of the month with a projected completion date of 2012. [more]

“Like the postman,” Hamptons agents show listings — even with Earl at the door

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate
While Labor Day weekend on the East End can present many hazards -- traffic jams and crowded beaches, for starters -- the specter of Hurricane Earl has presented an array of additional problems, especially for agents trying to squeeze in as many showings as possible during the last weekend of the summer. "Flying furniture," in particular, is a major concern, said Judi Desiderio, CEO of East End-based Town & Country real estate. "You could literally have lounge chairs up in the air and in the pool," Desiderio said. "That's a biggie, especially if you're showing a property on the water.” But out of town buyers are often unaware of the dangers inclement weather present in the Hamptons, Desiderio said. [more]

Priciest, cheapest units to hit the market

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate
The priciest Manhattan home to hit the market this week is an eight-bedroom co-op in the Brentmore, at 88 Central Park West in Lincoln Square, according to Streeteasy.com. As The Real Deal first reported, the 14-room, two-floor residence, on the market for $25 million, belongs to heiress Laurie Tisch, who is moving to the 834 Fifth Avenue co-op she bought last year for $29 million. The building, designed by architectural firm Schwartz and Gross, was completed in 1910 but recently underwent a restoration, and now has a library, den, wet bar, central air conditioning and a modern sound system. Cindy Kurtin and Jessica Vertullo of Stribling & Associates have the listing. The cheapest Manhattan unit to come online this week is a one-bedroom, one-bathroom co-op at 516 East 78th Street on the Upper East Side. The $239,000 pre-war unit is being marketed by Doug Eichman of the Corcoran Group. Click here for more.

Quinn receives thousands in Vornado donations through campaign finance loophole

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate City Council Speaker Christine Quinn has received thousands of dollars in campaign contributions from Vornado Realty Trust through a loophole in campaign finance regulations, despite publicly praising a three-year-old law that was supposed to limit the amount that individuals doing business with the city are allowed to contribute, to $400 each. According to Crain's, Quinn received $19,900 from Vornado executives, nearly $15,000 of which is being held in an account saved for her expected 2013 mayoral campaign. The donations began coming in around the same time the city began building a database of companies doing business with the city as part of the new campaign finance law, which passed in 2007. Last week, the City Council approved Vornado's proposed skyscraper at 15 Penn Plaza with Quinn's support, despite resistance from Community Board 5. [more]

Fannie’s path to ownership

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate If you fit the profile -- typically buyers with little cash on hand or small-scale investors looking for a deal on a foreclosed house -- a little publicized national lending program could be just what you need this fall. Here's what it offers:
-- Minimal down payments -- 3 percent for buyers who plan to live in the house, 10 percent for investors. Most of your down payment can come from documented gifts from relatives or others with no direct connection to the transaction.
-- No requirement for an appraisal on the property unless you're applying for additional money to renovate the house. This is crucial because lowball appraisals can be deal-killers, especially when the house needs cosmetic or other repairs.
-- Generous "seller contribution" limits of up to 6 percent of the price, effectively reducing the cash you'll need to pay closing costs.
[more]

Tiger’s former mistress buys $2M Park pad

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Days after rumors swirled regarding Tiger Woods' purchase of a Hudson Street apartment, his former mistress Rachel Uchitel has purchased a three-bedroom, three-bathroom apartment on Park Avenue, TMZ reported, though the address was not immediately known. The unit was asking $2 million, but Uchitel -- who reportedly has an extra $10 million in her bank account from a deal with Woods -- secured a “pretty sweet deal” for the place, according to TMZ. The apartment features a fireplace, as well as “white-glove service,” including a doorman and security. [more]

Columbia seeks more space in Inwood

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Columbia University is seeking to acquire more land along the Harlem River to legally construct a new sports complex at Broadway and 218th Street in Inwood, DNAinfo reported. A city law requires property owners on the Manhattan shoreline to set aside a predetermined percentage of the land for public use when building a new structure, but since Columbia doesn’t have the required amount, it is asking the city to allow it to acquire and develop additional space. To build the planned five-story, 48,000-square-foot Steven Holl-designed Campbell Sports Center, the school would normally have to set aside 180,000 square feet of additional city-owned public waterfront space, according to Wayne Benjamin, Community Board 12's land use chair. [more]

Summer started slow, but brokers saw uptick

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate From the September issue: The National Association of Realtors reported last month that home sales nationwide dropped by 27 percent between June and July -- a phenomenon largely attributed to the expiration of federal housing tax credits. The bleak news sent the stock market into a nosedive and gave more credence to the national conversation about a possible "double-dip" recession. Yet Manhattan real estate brokers said they're seeing an increase in activity as the summer draws to a close, suggesting a strong fall market may be in the works. "Business has been building," said Frances Katzen, an executive vice president at Prudential Douglas Elliman. "People are buying through the summer months and property is moving. This is a far cry from last summer." Ryan Fitzpatrick, sales associate at the brokerage CORE, said that in light of the strength of demand this summer, he "expects the market will be robust through the fall. [more]

Real estate funds top other investments

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Despite bleak market conditions, mutual funds and exchange-traded funds in the real estate sector have rebounded during the past year, the Wall Street Journal reported. Real estate has been the top-performing U.S.-stock fund category this year, through August, with a 13.7 percent total return, according to Morningstar, compared with a negative 4.6 percent for the Standard & Poor's 500-stock index over the same period. Real estate funds typically invest in commercial real estate and multi-family -- not single-family -- housing. They also tend to concentrate on real estate investment trusts, or REITs. [more]

SI sees 90% rise in scheduled foreclosures

September 3rd, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Newly scheduled residential foreclosure auctions rose by 90 percent in Staten Island last month, reversing the dip seen in July and prolonging the borough’s year-long pattern of dramatic ups and downs, according to new data from PropertyShark.com. Still, the borough’s 38 scheduled foreclosures, up 111 percent since last year at this time, were just a small fraction of the 139 scheduled in Queens in August, which continues to lead the city by far in terms of new home foreclosure volume. Queens’ foreclosure auctions first scheduled during August were up 11 percent month-over-month and 1 percent year-over-year. Of the top 15 zip codes in the city for scheduled foreclosure auctions last month -- including both those just scheduled in August and those scheduled previously -- the first 13 were in Queens. The 14th and 15th zip codes were located in Staten Island. [more]

Governor aims for greater transparency with new real estate laws

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Governor David Paterson signed into law today several amendments to the state’s real estate agency disclosure law that will increase transparency in the real estate process and offer increased protection to consumers and real estate brokers. The amendments, to take effect Jan 1, 2011, will require that agency disclosure forms be completed for all residential transactions. Previously, verbal consent for agency disclosure was accepted for multi-family buildings with over four units. The new law specifies that a written agency disclosure form must be used for all residential transactions. [more]

Old Forward newspaper building selling for $20M, to become condo

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate The long-time home of the Jewish Forward newspaper and a Jewish social service agency is in contract with developer Craig Nassi's BCN Development, which plans to build 108 condominium units at the site near the Empire State Building. The developer has inked a deal to buy the six-story Workmen's Circle building, at 45 East 33rd Street, between Park and Madison avenues, Nassi told The Real Deal. Several sources put the price at approximately $20 million. The building would be delivered vacant. The property was tied up in litigation for nearly a year after a development entity called Empire 33rd LLC, which included the builder of the Toren condominium in Brooklyn, Donald Capoccia, failed to conclude the purchase of the building after signing a contract in March 2007 to buy it for $34.9 million. [more]

Homebuyer tax credit: part II?

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Does the U.S. housing market need more propping up with a second installment of the homebuyer tax credit? Shaun Donovan, secretary of the Department of Housing and Urban Development, isn't saying yes, but he isn't saying no, either. According to CNBC's Diana Olick, there's a push amongst politicians, particularly in Florida, where the housing market has really gotten pummeled, to recreate the spring's surge in home sales that was largely attributed to the federal government-supplied boost. [more]

101 Warren Street sells out

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Edward Minskoff's 101 Warren Street, the 35-story Tribeca condominium that serves as the centerpiece of the developer's 1 million-square-foot mixed-use complex, is completely sold out after four years on the market. The 227-unit building, at the corner of Greenwich Street, brought in $650 million in sales, which the developer said makes it "by far the largest and most successful condominium offering in the history of Downtown Manhattan." Closings began in December 2007 and wrapped up earlier this month with the sale of a four-bedroom, duplex penthouse for $13.3 million, public records show. [more]

Chelsea condo +aRt to host art show

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Chelsea condo development +aRt has partnered with non-profit groups Chashama and Cannery Works to launch a two-part art exhibition, donating 1,800 square feet of retail space to house the show. The condominium at 540 West 28th Street between 10th and 11th avenues, will be home to the show, "Carnivora," from Sept. 16 to Oct. 18. Chashama will focus on transforming the donated space for the exhibition, while Cannery Works will help present and market the show. [more]

Century 21 to replace Barnes & Noble in Lincoln Square

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Discount clothing store Century 21 will replace the Lincoln Square Barnes & Noble at 1972 Broadway at 66th Street which is slated to close by the end of the year. The closing, according to the blog, My Upper West, is allegedly due to the landlords driving up rents beyond what the store can afford. Century 21 will join other chain stores in the area, such as Trader Joe’s, which is set to open Sept. 20 at a new high-rise, the Corner, at West 72nd and Broadway. [My Upper West]

Say hello to pasta eatery on West 38th Street

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Pasta chain Hello Pasta will be opening a fast-casual restaurant at 1400 Broadway, according to W & H Properties, which owns the building. The restaurant, which serves organic Italian pasta, will be opening the 15-seat eatery in a 1,300-square-foot space at 38th Street in the Fall. Hello Pasta has three other restaurants in Manhattan -- one at Lexington Avenue and 55th Street (the chain's first), one on Third Avenue and 44th Street and one on Maiden Lane. Newmark Knight Frank brokered the deal. TRD

Tenants to buy out Stuy Town?

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate The mortgage holders for Stuyvesant Town’s $3.6 billion first mortgage are preparing for a tenant-led buyout, according to a letter obtained by the New York Post. As part of their campaign to block hedge funder William Ackman from foreclosing on the property, special servicer CW Capital is arranging a meeting with the tenants’ buyout advisor Moelis & Co. CW is also planning to provide Moelis with current rent rolls, which will help tenants determine whether a co-op conversion is possible and at what price. [more]

NYC residential market showing faster improvement than rest of nation: experts

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate Despite a gloomy outlook for the nation's housing market, New York City industry experts are reporting encouraging news on home prices during the third quarter of the year, according to the Wall Street Journal. Manhattan led the charge, with an 18.5 percent increase in median price compared to the second quarter to $900,000. Queens and Brooklyn saw their median prices climb 6.5 percent to $350,000 and 3.9 percent to $467,600, respectively, during the same time period. Meanwhile, Staten Island and the Bronx saw their median prices stay relatively flat; the former saw a 1.7 percent climb in median price to $376,000, while the latter dropped 1 percent to $310,000. The progress appears to be outpacing the rest of the country, according to Gregory Heym, chief economist with Halstead Property and Brown Harris Stevens. [more]

French i-banker ditches $165K Hamptons rental after one night

August 31st, 2010    Posted in Manhattan Homes Real Estate News, Manhattan Real Estate The European owners of a five-bedroom beachfront home in Southampton are going after investment banking honcho Matthieu Pigasse for $165,000 after he allegedly backed out of a month-long rental commitment two days into his stay and left without paying up, the Post reported. Pigasse, the co-CEO of Lazard in France, “didn’t like the house because it didn’t look like the pictures,” said broker Jack Prizzi of Prudential Douglas Elliman, who rented it to him. “It looks exactly like the pictures,” he added. The Frenchman, who recently acquired newspaper Le Monde, contacted Altour International president Alexandre Chemla upon arrival at the $30 million home at 2170 Meadow Lane to help him find another rental. [more]