The Dakota NYC

Buddy Fletcher’s Dakota apartment hits the market for $12.5M Beleaguered hedge funder lived in fifth-floor unit at famed UWS上海夜网 阿爱上海同城 co-op

For $12.5 million, a seven-room apartment at perhaps the most famous residential building in New York City can be yours.

The fifth-floor unit at the Dakota, the famous co-op building at 1 West 72nd Street on the Upper West Side, features treetop views of neighboring Central Park and previ上海贵族宝贝论坛 上海贵族宝贝ously belonged to beleaguered hedge fund manag阿拉爱上海同城 爱上海龙凤419桑拿er Alphonse “Buddy” Fletcher Jr.

In February, a state judge ordered the Dakota’s board to cancel Fletcher’s lease, change the locks and remove his belongings so the unit could be sold to pay Fletcher’s creditors, according to Wall Street Journal.

The co-op board filed a lawsuit this week, tapping John Burger at Brown Harris Stevens to market 爱上海同城 爱上海the property. Burger told the Journal that an apartment like Fletcher’s – complete with Central Park views, working fireplaces and a library – hasn’t been available at the Dakota in more than 10 years.

Part of the proceeds from the sale would go to investors who won a $50 million judgment last year against Fletcher and his company, Fletcher Asset Management, in relation to claims they were defrauded by the hedge funder.

The Dakota board is also seeking to recoup legal fees tied to a race discrimination lawsuit filed by Fletcher against the co-op in 2011 and subsequently dismissed last year.

In addition to the $12.5 million pad, two other units at the Dakota ow[……]

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Donald Trump

Eluding the taxman: Trump received $885M in breaks, subsidies on his NYC real estate portfolio He’s received the breaks through political maneuvering and lawsuits

Donald Trump (Illustration by Lexi Pilgrim for The Real Deal)

As a real estate developer, Republican presidential nominee Dona爱上海 爱上海同城手机版ld Trump has received at least $885 million in tax breaks and other subsidies for his New York buildings.

An investigation by the New York Times shows that Trump has taken in mil上海龙凤论坛 新上海贵族宝贝论坛lions in tax breaks, grants and other subsidies — in part — through political maneuvering and lawsuits. For his Trump Tower and Trump Palace projects he took in 421a tax benefits worth $20.8 million. After the Sept. 11 terrorist attacks, Trump received $150,000 in grants made available to small businesses in the area, even though he said his building at 40 Wall Street near the World Trade Center wasn t damaged.

Partially through his上海夜网 阿爱上海同城 father s political connections to Mayor Abraham Beame and Gov. Hugh Carey, Trump secured a 40-year Tax Abatement For The Grand Hyatt Hotel On 42nd Street, whi上海夜网 阿爱上海同城ch has allowed him to forego $359.3 million in taxes. He sued the city in 1981 after Mayor Ed Koch s administration denied 421a benefits for Trump Tower. After a ruling in his favor by the New York State Court of Appeals, Trump received $22.5 million worth of tax breaks on the building.

According to the 上海龙凤论坛sh1f 上海龙凤论坛New York Times, the city missed out on $332 million in Taxes From Trump Place on Riverside Drive. It also[……]

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Thor Equities

Thor s top multifamily acquisition execs leaving for Silverpeak Alan Klein, Jonathan Fishman joined from Stonehenge in 2013 to form resi arm

From left: Joseph Sitt, Jonathan Fishman and Alan Klein

Joseph Sitt’s Thor Equities is losing its top residential acquisition executives to Silverpeak Real Estate Partners, sources told The Real Deal.

Alan Klein and Jonathan Fishman, who jointly ran the development firm’s residential arm, are expected to leave Thor sometime this month.

Over the past two years, Klein and Fishman led more than $290 million in multifamily acquisitions, including a $112 million purchase last year of a block of sponsor units at the Apthorp on the Upper West Side in partnership wi上海千花网交友 上海千花网论坛th Michael Fascitelli’s Imperial Companies.

Two existing executives will replace them Marc Effren will lead residential acquisitions while Jim Bush will head up operations, a spokespe阿拉爱上海同城 爱上海龙凤419桑拿rson for Thor confirmed. Effren will report to managing director Cory Elbaum and Bush will report to COO Melissa Gliatta.

Klein and Fishman, who joined Thor from Ofer Yardeni’s Stonehenge Partners in 2013, were hired to launch the residential division at Thor and specialized in one-off purchases of Upper Manhattan rental buildings.

In a statement, a Thor spokesperson said, “Since accelerating our residential acquisitions pace, Thor Equities has acqu阿拉爱上海同城 爱上海龙凤419桑拿ired close to a dozen multifamily buildings including prime properties in Harlem, Morningside Heights and the Upper West Side, with several[……]

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Bronx Condos

Rare阿爱上海同城 阿拉爱上海同城 new condo project coming to the Bronx s City Island Sea Breeze Estates will bring 16 units to Marine Street

City Island (Credit: Terryballard)

Another new residential project is coming to the Bronx — but this time, it’s condominiums.

Developer Alexander Goren, a partner at the real estate firm Goren Brothers, has filed plans for a 16-unit condo project on City Island at 166-175 Marine Street, according to state records. The project, which has yet to be reviewed, would als爱上海同城论坛 爱上海同城o contain 90 parking spots.

Goren did not respond to a request for comment.

Although the con阿拉爱上海同城 爱上海龙凤419桑拿do market has taken off in Brooklyn and Queens, it has yet to do so in the Bronx. However, condos have established a fairly small foothold in Mott Haven, an上海贵族宝贝 上海千花网龙凤论坛d the 43-unit condo project On The Sound recently arrived in City Is爱上海龙凤419桑拿 上海龙凤论坛sh1fland as the neighborhood’s first new large-scale residential development in roughly 15 years.

Tags: Residential Real Estate
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US Office Market

Net office leasing falls to lowest level since 2012: report New York’s vacancy rate, however, was about half上海千花网 爱上海同城对对碰 the national average

 

From left: Lower Manhattan and Dayton, Ohio

U.S. office leasing fell to the lowest level since 2012 and rents barely grew last year, adding to concerns over the market’s stability.

Net office absorption across the country fell to 21 million square feet in 2017, according to a report by research firm Reis, down from 29 million square feet in 2016.

T爱上海同城对对碰 爱上海同城论坛he good news is that developers still aren’t building many new office towers nationwide, which should help keep the market stable, the Wall Stre上海夜网 阿爱上海同城et Journal 上海千花网 爱上海同城对对碰reported. New construction added a mere 37.6 million square feet of new office supply in 2017, barely up from the 36.6 million added in 2016.

The average effective office rent, including concessions, grew by 1.8 percent in 2017, compared to 4 percent in 2015 and 12 percent in the year prior to the 2008 financial 爱上海同城论坛 爱上海同城crisis.

New York City’s office market had a vacancy rate of 8.7 percent, according to Reis, the lowest in the country and almost half the national average of 16.3 percent. [WSJ] Konrad Putzier

Tags: Commercial Real Estate, Office Leasing
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Related Companies

Related says it was duped into paying union coffee boys $42 an hour Lawsuit comes as tension between developer and union上海贵族宝贝论坛 上海贵族宝贝s mounts

Steve Ross and 50 Hudson Yards

Buying coffee in the city can be expensive, but Related Compa上海千花网论坛 上海千花网nies says it was tricked into paying union workers $42 per hour to fetch cups o joe for worke上海龙凤论坛 新上海贵族宝贝论坛rs at Hudson Yards.

Related claims in a lawsuit that the Building and Construction Trades Council of Greater New York inflated construction costs by more than $100 million at the megaproject, the New York Post reported. The bills were bumped up, in part, by having two higher-ranking union members of the Concrete Workers District Council serve as coffee boys, roles that are usually filled by the junior-most members, according to a lawsuit filed in state Supreme Court. One of the coffee boys was “the 55-year-old brother of a high-ranking union official, according to the lawsuit.

Though the coffee boys were paid $42.48 an hour plus $27.39 worth of benefits, the workers had to pay for the coffee themselves (so the wages didn t even cover the coffee), according t上海龙凤论坛sh1f 上海龙凤论坛o the Post.

The lawsuit, which is filed against the BCTC, accuses president Gary LaBarbera of “condoning, if not actively participating in, various corrupt practices” at Hudson Yards and encouraging some unions to halt work at the site.

Various unions have held protests across the street from 50 Hudson Yards every week to condemn Related s use of open shop labor on the remainder of the[……]

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Fifth Wall Ventures

Fifth Wall raising another $200M for retail tech startups The LA-based VC firm that invests in RE tech has already pooled $60M

Brad Greiwe and Brendan Wallace of Fifth Wall (Credit: Twitter)

Real estate tech startups may have a busy summer ahead if they are looking to seize more venture capital money.

Fifth Wall Ventures, the Los Angeles-based venture capital firm that has pooled money for real estate tech firms Industrious and Airbnb rival AJJK, has already raised $60 million from two unnamed investors, according to an SEC filing issued this month.

The fund, aptly named Fifth Wall Ventures Retail Fund, L.P., could suggest where the money is headed this year: retail real estate tech. The firm has previously invested in retail startups, such as Appear Here, an online marketplace for retail space.

Co-founder Brendan Wallace attended the International Council of Shopping Centers RECon Convention in Las Vegas this week and sat on a panel that discussed investing in retail and real estate technolo爱上海同城对对碰 爱上海同城论坛gy.

A Fifth Wall spokesperson declined to comment about the new fund.

Wallace and Brad Greiwe started the firm in 2016 after stints 上海千花网论坛 上海千花网at Blackstone Group. Greiwe co-founded Blackstone s Invitation Homes, a single family rental housing investment firm that went public last year. Wallace earned his stripes as a real estate analyst at Goldman Sachs before joining Blackstone s real estate division.

The firm last year raised $212 million from 66 investors, including CBRE, Prologis, Hin[……]

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Suit claims Eastchester building’s super and landlord discriminated against black renters

Suit claims Eastchester bu上海贵族宝贝交流区 上海贵族宝贝论坛ilding’s super and landlord discriminated against black renters

An Eastchester building’s landlord and superintendent tried to keep black tenants from renting out units by giving them false information, a new lawsuit char上海贵族宝贝 上海千花网龙凤论坛ges. The Fair Housing Justice Center in New York City and three black people who posed as prospective tenants filed the suit after they and other “testers” went to the building at 9 New Street over the course of three months, LoHud reported. According to the suit, the building’s superintendent encouraged the white testers by giving them his phone number and rental applications and “encourag[ing] them to return the paperwork to him,” but told black testers that “there was a waiting list for units, that they had to get an application from a broker, and, in s上海贵族宝贝论坛 上海贵族宝贝ome cases, didn’t give his phone number,” the outlet reported. T爱上海同城 爱上海he center’s executive director Fred Freiberg said that building’s practices “are, sadly, not that uncommon.” The building’s ow爱上海龙凤419桑拿 上海龙凤论坛sh1fner, New Property Associates, has an ownership stake in “hundreds of rental units” in Westchester County and Long Island, according to the suit. [LoHud]

Tags: Westchester Fairfield
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Byrdview

A Valley home rented by Frank Sinatra, Marilyn Monroe, seeks $13M In recent years, home has been a popular filming location for “Mad Men” and “Dreamgirls.”

From left: Frank Siantra and Marylin Monroe

UPDATED Dec. 14, at 8:34 a.m.: Frank Sinatra must have sung about “Love and Marriage” in this Chatsworth pad.

A property once rented by the Sultan of Swoon — and where Marilyn Monroe was rumored to have carried on her affair with John F. Kennedy — is being shopped around for $12.5 million, according to a listing from the Agency.

Located above the Chatsworth Reservoir, the Mid-Century Modern style home features seven bedrooms and nine bathrooms. Amenities include four fireplaces, a guest house, pool ca爱上海同城 爱上海bana and sweeping views of the San Fernando Valley.

Marketing materials also tout the possibility of building another structure on the 7-acre lot. The agriculture zoning also allows for a vineyard on the site.

Dora Hutchinson, heiress to the Chase Manhattan Bank fortune, commissioned the late architect William Pereira to design the home in 1949. The socialite also hosted lavish parties at the site, attracting celebrities like Lucille Ball and Judy Garland.

Property records link the home to an individual named Richard Wolfen, president of Rock Asset Management, a Los Angeles-based real estate asset management firm.

Sinatra rented the home上海同城对对碰交友社区 上海夜网论坛 for nearly a decade, starting in the early 1950s. He then sublet the guest house t爱上海同城 爱上海o Marilyn Monroe. Rumor has it that the property[……]

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