The Real Deal

The Real Deal on hiatus

September 03, 2010 06:45PM

The Real Deal will be off Monday in observance of Labor Day and will return Tuesday. Enjoy the holiday weekend and as always, if you have a tip, e-mail news@therealdeal.com. TRD

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Top sales agents of the week

September 03, 2010 06:30PM

The Real Deal has ranked the top listing agents of the week based on the highest priced residential deals filed with the city.

Tags: top agents

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Laureate exudes sense of serene competence

September 03, 2010 06:00PM By James Gardner

Incrementally, though not without a few false steps, the Upper West Side is getting better. Some of its more recent developments, like the Corner at 200 West 72nd Street, have done the area no favors, but the general trend is one of improvement. What with 15 Central Park West -- which is as much about Broadway as about Central Park West -- the reborn Lincoln Center and the new Apple store on Broadway and 68th Street, among others, the place is looking increasingly lustrous and expensive. For those of us who grew up here in the 1970s, before such a transformation was even dreamed of, the change is astounding. One of the more charming adornments of Upper Broadway is the nearly completed Laureate, at 2150 Broadway and 76th Street. For years, if not for more than a century, this corner space was occupied by two very different, very low-lying buildings, united by nothing more than the fact that they were so drably generic. [more] Tags: 2150 broadwayway james gardner the laureate

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NYC charter commission steers clear of land use hot spots

September 03, 2010 05:30PM By Adam Pincus

Six months after being formed, the city Charter Revision Commission issued its final report yesterday, declining to make any recommendations on the three thorniest land use issues before it. The 15-member panel appointed by Mayor Michael Bloomberg heard from deeply divided interest groups such as the Real Estate Board of New York and Pratt Center for Community Development, but said certain issues were too complex to tackle in the brief period allotted to them. The commission acknowledged the deep divide on those issues, such as a proposal from community advocates and elected officials to increase the influence of community boards and borough board presidents within the ULURP process. The commission declined to make any changes. [more]
Tags: REBNY adam friedman charter revision commission department of city planning

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Harlem residents protest charter school ... and more

September 03, 2010 05:00PM

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] 

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Alexico hit with $197M suit at Flatotel

September 03, 2010 04:30PM By David Jones

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]
Tags: 135 west 52nd street alexico group atlas capital department of finance

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SL Green to gain $66M from 510 Madison

September 03, 2010 04:00PM

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]
Tags: 510 Madison Avenue Boston Properties fbr capital markets macklowe properties

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BlackRock to assess industry's CMBS losses

September 03, 2010 03:30PM

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]
Tags: blackrock cmbs commercial mortgage-backed securities

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Two Trees to buy building from Moinian

September 03, 2010 03:00PM

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] Tags: 50 west 23rd street Joseph Moinian asher abehsera david waletas jed walentas

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Stalled Williamsburg project gets new start

September 03, 2010 02:30PM

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]
Tags: 11 broadway alicia glen goldman sachs urban investment group

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"Like the postman," Hamptons agents show listings -- even with Earl at the door

September 03, 2010 02:00PM By Amy Tennery

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] Tags: Corcoran bob gianos brown harris stevens chris burnside harald grant

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Priciest, cheapest units to hit the market

September 03, 2010 01:30PM

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.
Tags: 516 east 78th street 88 central park west cheapest priciest laurie tisch

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Quinn receives thousands in Vornado donations through campaign finance loophole

September 03, 2010 01:00PM

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] Tags: 15 penn plaza Christine Quinn campaign finance city council community board 5

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Fannie's path to ownership

September 03, 2010 12:30PM By Kenneth Harney

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] Tags: fannie mae homepath peter boutell santa cruz home finance

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Tiger's former mistress buys $2M Park pad

September 03, 2010 12:00PM

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]
Tags: hudson street park avenue rachel uchitel tiger woods

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Columbia seeks more space in Inwood

September 03, 2010 11:30AM

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]
Tags: campbell sports center columbia unversity community board 12

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Summer started slow, but brokers saw uptick

Activity may herald busy autumn September 03, 2010 11:00AM By Candace Taylor

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] Tags: citi habitats djk residential east egg realty edward azria frances katzen

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Real estate funds top other investments

September 03, 2010 10:30AM

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]
Tags: morningstar real estate investment trust timothy strauts

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