550 Madison Avenue

Left behind: 5 NYC condo projects that were thrown overboard Joe Chetrit joins Ross, Milstein, Leviev & others in abandoning major condominium plans

The best-laid schemes of mice and developers oft go awry.

Yesterday, The Real Deal exclusively reported the Chetrit Group sold the Sony Building – the site of a planned ultra-luxury condominium – for more than $1.4 billion. The company’s boss, Joseph Chetrit, had proposed a 96-unit office-to-condo conversion, topped with a penthouse that would list for as much as $150 million. The new owners, Saudi-based Olay上海龙凤论坛sh1f 上海龙凤论坛an Group, are expected to scrap that plan entirely and maintain the tower as offices.

The news followed months of reporting on softening in the city’s ultra-luxury condo market, due in part to an overabundance of supply on “Billionaires’ Row” in Manhattan.

TRD decided to fire up the office time machine and look back at five major Manhattan condo projects that developers ultimately abandoned.

Leviev Clock Tower (5 Madison Avenue)
Africa Israel Investments
Offering Price: $703.7 million

Lev Leviev’s Africa Israel Investments bought the Clock Tower at the former MetLife building on Madison Square Park for $200 million back in 2007. Leviev submitted a 55-unit offering plan – “Leviev Clock Tower Condominium” – the following year, with a total projected sellout north of $700 million, an ambitious figure for the Flatiron District.

Although the plan was accepted in 2009, the company began rec爱上海同城手机版 新爱上海同城对对碰论坛ording major losses across[……]

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Scott Rechler

Bridgegate attorney says Scott Rechler can corroborate Cuomo s role in scandal aftermath Governor denies working with Christie on coverup

From left: the George Washington Bridge, Chris Christie, Andrew Cuomo and Scott Rechler

It looks like Scott Rechler isn t quite done with Port Authority of New York and New Jersey drama.

A lawyer in the ongoing Bridgegate trial intimated that the RXR Realty CEO will corroborate the accusation that Gov. Andrew Cuomo helped cover up the scandal, Politico reported. David Wildstein, a former ally of Gov. Chris Christie who pleaded guilty to closing lanes 上海夜网 阿爱上海同城of the George Washington Bridge in 2013 out of political retribution, testified this week that Cuomo and Christie agreed to create a report that would make the closures look like a traffic study.

Cuomo has vehemently denied the accusation and called Wildstein a felon whose testimony was “false and delusional.” It was not immediately clear if and when Rechler 爱上海龙凤419桑拿 上海龙凤论坛sh1fmay testify. A spokesperson for Cuomo told The Real Deal that the attorney — Michael Critchley, who represents Christie s former deputy chief of staff Bridget Anne Kelly — never used the word corroborate and simply suggested that Cuomo and Christie spoke to each other — not an unusual occurrence for two men running a bi-state agency.

Last month Rechler — now the outgoing vice chairman of the agency — joked that Cuomo didn t warn him of the Port Authority s dynamics when he appointed him in 2011.

“He didn’t 新爱上海同城对对碰论坛 上海同城对对碰交友社区really exp[……]

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Weehawken Street NYC

Native American chiefs spar over $4M West Village house Owner Jean-Louis Goldwater Bourgeois wants to return the home to the Lenape tribe

6 Weehawken Street

Rival chiefs of a Native American tribe with roots in Manhattan are fighting over, what else? A house on the banks of the Hudson Riv爱上海同城论坛 爱上海同城er.

The spat started when the millionaire owner of 6 Weehawken Street in the West Village offered to return the $4 million home to its Native American owners. The owner, Jean-Louis Goldwater Bourgeois, identified Anthony Jay 新上海贵族宝贝论坛 上海贵族宝贝交流区Van Dunk, a chief in the Lenape trib上海龙凤论坛 新上海贵族宝贝论坛e, as the rightful owner.

But now a second chief, Dwaine Perry, said Van Dunk was banished from the tribe, and that he would like the house, according to the New York Post. Perry, who leads Mahwah, N.J.-based Ramapough Lenape Nation, said he d like to turn 6 Weehawken into a Native American embassy.

Bourgeois, the son of the late sculptor Louise Bourgeois, told the Post he is sticking with Van Dunk, who was chief for one year in 2006. “It makes no difference to me. I consider Anthony the chief,” Bour上海贵族宝贝交流区 上海贵族宝贝论坛geois said.

Bourgeois family bought the house for $2.2 million in 2006.

Perry and Van Dunk s fight stems from charges of fiscal irregularity during Van Dunk s tenure. Perry also claims Van Dunk wants to change qualifications for being a Ra爱上海同城手机版 新爱上海同城对对碰论坛mapough.

For his part, Van Dunk said of Perry: He seems to have his panties in a bunch and he always has. He said he would turn 6 Weehawken into a patahmaniikan, or pray[……]

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NYC Luxury Residential

The biggest price cuts on luxury pads
last week A UWS townhouse received the largest reduction

Clockwise from left: 43 West 75th Street, 140 East 65th Street, 88 Central Park West #7N

UPDATED, May 31, 11:25 a.m.: With a sizable price chop, the owners of this Claude Monet-inspired townhouse are hoping it will finally make an impression.

The 6,200-square-foot Lenox Hill home, which has a kitchen designed to resemble the one at the 19th-century artist s home in Giverny, had its price cut by 8 percent last week, and is now on the market for $13.5 million.

In total, just three places in the over-$10 million market received price reductions of more than 5 percent last week, according to data provided by StreetEasy. That’s a significantly lower number than usual, with as many as 10 ultra-pricey pads reduced in some previous weeks.

Here’s a look at the biggest price cuts in New York City:

43 West 75th Street

43 West 75th Street
Previous Price: $14 million
Current Price: $12.3 million
Percentage Drop: 12 percent ($1,484 per square foot)

This multifamily building was first listed in August for under $14 million. In late April, it was removed from the market and then relisted last week for a reduced $12.3 million. The property spans five stories across 8,250新爱上海同城对对碰论坛 上海同城对对碰交友社区 square feet, is 22 feet wide and has a private garden, according to the listing. Built in 1910, there’s currently eight rental units in the building.

上海贵族宝贝论坛 上海贵族宝贝

Brown Harris Stevens’ Wolf Jakubowski has the listing and is marketi[……]

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John Banks

WATCH: John Banks on the controversial construction safety bill, StreetEasy, REBNY’s RLS more Head of lobbying group sits down for an exclusive interview w爱上海龙凤419桑拿 上海龙凤论坛sh1fith TRD

The Real Estate Board of New Yor上海千花网交友 上海千花网论坛k, some critics say, should be renamed “The Commercial Real Estate Board of New York,” given what they see as a one-sided devotion to causes dear to commercial developers and brokers. But John Banks doesn’t buy that.

During an exclusive interview with The Real Deal’s Hiten Samtani, Banks, who’s been at the helm of the influential trade organi爱上海龙凤419桑拿 上海龙凤论坛sh1fzation since 2015, contrasted some of REBNY’s key recent milestones, such as the renewal of the 421a tax abatement and the Midtown East rezoning, with the significant but lower-key work being done on behalf of residential brokers.

“421a, East Midtown, those are broad public policy issues,” Banks said. “There aren’t broad public policy issues for the brokerage community – they’re independent contractors and there’s not a lot where the political process, which is where 上海千花社区 上海千花网交友REBNY is publicly known, can provide for them and so it makes us harder for us to have the same value proposition.”

He pointed to the rollout of REBNY’s residential listings service (RLS) as a po上海贵族宝贝论坛 上海贵族宝贝tential game-changer for the residential community. The syndicated feed debuted on Aug. 1, and includes listings from Realtor.com, Homes.com and the New York Times, as well as listings from many of the city’s big firms. But StreetEasy, which has so fa[……]

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Bedford

Legal Aid Society is also trying to kill the Bedford-Union Armory project Litigation will also challenge city’s method of evaluating tenant displacement

Bedford-Union Armory

The divis上海贵族宝贝 上海千花网龙凤论坛ive Bedford-Union Armory’s rocky path to approval got even rougher on Tuesday, as the Legal Aid Society announced it would be filing a lawsuit against the plan.

T爱上海同城对对碰 爱上海同城论坛he society will unveil its litigation during an 11 a.m. event on Nov. 29 with housing activists and others on the steps of City Hall. The suit will challenge both the current plan for the Crown Heights site and the city’s method of evaluating tenant displacement in land use decisions.

The Bedford-Union Armory project has faced an extremely difficult and controversial approval process so far, with some protestors getting arrested during a City Planning Commission hearing on the development. Officials appeared to make a major breakthrough last week, when a plan to increase the number of affordable apartments and remove condos in the project secured the support of local Council member Laurie Cumbo. The full council is expected to vote on and approve the plan on Nov. 30.

上海贵族宝贝 上海千花网龙凤论坛

The armory project, spearheaded by developer BFC Partners, would include 250 affordable apartments with rents between $521 and $1,166, as well as a recreation center where neighborhood residents will get half of the memberships for $10 per month.

Although these chang爱上海同城手机版 新爱上海同城对对碰论坛es were enough for Cumbo, several activists maintained that the plan was 新上海贵族宝贝论坛[……]

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Most Expensive UK Real Estate

London loses its status as most expensive RE market in the UK Oxford has overtaken the capital as the most unaffordable market

(Pixabay)

The great capital has been displaced from its title as the most unaffordable market in the U.K.

Famous for its university, Oxford has become so expensive that, as The Financial Times reports, the median house prices are almost 17 times the median person s income. With soaring prices and a static sup上海夜网 阿爱上海同城ply in the historical town due to a combination of local building codes and a defined city limit that prevents sprawl the majority of students leave the area aft上海龙凤论坛 新上海贵族宝贝论坛er graduating, which, according to the Centre for Cities is attributing in part to local real estate.

Further evidence of the difficulty: bedroom communities around the college town are seeing prices soa上海千花网交友 上海千花网论坛r as those who do stay to work in Oxford search for a more affordable housing price. One example, the town of Woodstock, saw its aver爱上海同城 爱上海age sales price last August increase about 6 percent year-on-year, though that average price tag is still 10 percent lower that those of homes in Oxford. [Financial Times]  Erin Hudson

Tags: European Real Estate, London, Most expensive real estate cities, Residential Real Estate
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Brooklyn Real Estate Loans

These were the top outer borough real estate loans in February A $246M loan to Clipper Realty topped the list

Clockwise from top left: 75-20 Astoria Boulevard, Flatbush Gardens and 123 Linden Boulevard

Large loan origination in the outer boroughs slowed down slightly in February.

While January saw two loans for $300 million or more and the overall top 10 financings of the month had a value of more than $1.3 billion, no loan topped $250 million in February, and the top 10 financings totaled $1.1 billion.

The largest deal of the month was $246 million loan from New York Community Bank to Clipper Realty, followed by a $230 million loan from the Port Authority to MCR Development.

Brooklyn and Queens each took four spots on the list, while the Bronx had two. The full list of top loans for February is as follows:

1) New York Clippers — $246 million
Clipper Realty scored a $246 million loan from New York Community Bank to replace debt on Flatbush Gardens in Brooklyn. The company had paid off mortgage loans of about $168 million on Flatbush Gardens, and the refinancing lowers its interest rates and provides added liquidity. Clipper Realty, led by David Bistricer, purchased the 59-building residential complex in 2005 for $138.2 million through Renaissance Equity Holdings.

2) Hotel fit for a Queen — $230 million
Queens made its debut on the list at the No. 2 spot with a $230 million loan from M T Bank to MCR Development for the redevelopment of the TWA Flight Center (the city provided an addre[……]

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Vornado Realty Trust

Vornado considers tearing down 2 Penn to make way for giant tower Steve Roth says REIT has grand plan for Penn Plaza “Promised Land”

Steve Roth and 2 Penn Plaza

Instead of getting a new skirt designed by Bjarke Ingels, a Midtown office building valued at $1.4 billion may instead be torn do上海千花网龙凤论坛 上海千花社区wn.

In his annual letter to investors, Vornado Realty Trust CEO Steve Roth said the company is considering razing 2 Penn Plaza to make way for a new building that would double the current 上海千花网论坛 上海千花网tower s footprint. Two years ago, Vornado unveiled renderings of a redeveloped 2 Penn designed by Bjarke Ingels. The design featured a new facade and skirt-like canopy 上海千花网龙凤论坛 上海千花社区— a reference to Marilyn Monroe s iconic run-in with a subway grate in The Seven-Year Itch.

It s not clear if Ingels would be involved in the new building if Vornado decides to go that route. Representatives for Vornado and Ingels firm declined to comment further.

By demolishing the 1.6-million-square-foot tower, Vornado would potentially be able to transfer some of the 5 million square feet of air rights at Madison Square Garden, which the real estate investment trust co-owns with the Dolan family. Some of the air rights could be sprinkled to adjacent sites, Roth noted, but the intention seems to be to create massive new development.

The old 2 Penn has a 60,000 square foot foo上海千花网龙凤论坛 上海千花社区tprint, the new [one] would have a 120,000 square foot-plus footprint at the base, perfect for our creative class tenants, Roth said.[……]

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Brooklyn Real Estate Loans

These were the top 10 outer borough loans in July A $450M mortgage for what will be the tallest building in Queens top新上海贵族宝贝论坛 上海贵族宝贝交流区ped the list

Clockwise from left: 23-15 44th Drive, 85 Jay Street, and 43-25 Hunter Street (Credit: CityRealty)

The most common sight on July’s list of top outer borough loans was the city’s Housing Development Corporation.

The agency was the lender on five of the top 10 loans last month. HDC typically concentrates its financing during closing periods in June and December, and the July loans stemmed from this year’s June closing period, according to the agency.

The largest loan in July was from JPMorgan Chase and other banks for $450 million to United Construction Development Group for the Court Square City View Tower, which is set to be the tallest tower in Queens. The No. 2 spot went to Rockrose Development, which received a $348 million loan from the New York State Housing Finance Agency.

Overall, the list was split b上海夜网 阿爱上海同城etween four Queens loans, four Brooklyn loans and two Bronx loans.

The full list of the top 10 outer borough loans for July is as follows:

1. See You in Court Square – $450 million
July’s top loan was from a group of banks including JPMorgan Chase to Chris Jiashu Xu’s United Construction Development Group for the Court Square City View Tower at 23-15 44th Drive in Long Island City. The building will contain 802 units and stand 67 stories tall when completed, making it the tallest tower in Queens. It is expected to cost about $700 millio[……]

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