Charles Cohen is fighting back against allegations that he transferred valuable assets to his wife to shield them from creditors. The embattled developer, who controls properties including 750 Lexington Avenue and 135 East 57th Street, filed an affidavit in New York State Supreme Court last week denying accusations of asset dissipation, Crain’s reported. Cohen maintained […]
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In Manhattan, the second quarter was a tale of two residential markets. More cash buyers traded condos and co-ops at the high-end of the market, fueling a record high share of cash deals in the borough and a sizable increase in sales, according to Miller Samuel’s quarterly report for Douglas Elliman. The uptick in activity […]
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Move over, Billionaires’ Row — bring on the boutique condo boom VM Properties Group and the Kaliner family’s RoundSquare Development are seeking to build the latest small, upscale condo building in Manhattan. The group of developers secured a $26.2 million construction loan from Urban Standard Capital for a new 11-story luxury condo at 227 West […]
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There were 210 deals recorded, totaling about $236 million, in New York City on Tuesday, July 1. 🏆Residential: The top residential sale recorded in New York City was for a $21.5 million condominium unit at JDS Development and PMG’s 111 West 57th Street along Billionaires’ Row. The sponsor unit went to Piranha Real Estate LLC. […]
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At first glance, I wasn’t blown away by changes to the land-use process advanced by the City Charter Revision Commission. Then I looked again. Some of the land-use proposals were expected: Faster, easier pathways to approval for affordable housing, for clearly beneficial infrastructure projects and for small developments. But I was most interested in how […]
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Community Preservation Corp has been working with distressed buildings for 50 years. But when the organization won a joint stake in nearly $6 billion of debt from a failed bank tied to rent-stabilized buildings, it had to do things a little differently. “At a high level, what we’re doing is a process we’re very familiar […]
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The first day of July is a big one for Kushner Companies. Not only is it opening The Journal to residents, but it has also locked in a loan of more than half a billion dollars. Blackstone Real Estate Debt Strategies provided a $515 million loan for Kushner Companies’ One Journal Square in Jersey City, […]
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New Yorkers may soon decide whether a local Council member should be able to kill a rezoning. The city’s Charter Revision Commission on Tuesday released draft questions to pose to New York voters in November, asking whether the city charter should be changed to speed up housing development and weaken the City Council’s leverage over […]
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Blue Flag Capital has landed a construction loan for the renovation of an iconic Sag Harbor hotel. Blue Owl Capital provided $54 million for the 67-room Baron’s Cove luxury hotel, according to a press release from JLL, which brokered the deal for the owner, a partnership between Blue Flag Capital and Bain Capital Real Estate. […]
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Rentar Development refinanced its mixed-use plaza in Middle Village, which is in the midst of a retail overhaul. Deutsche Bank and UBS originated a $160 million commercial mortgage-backed securities loan for Rentar Plaza at 66-26 Metropolitan Avenue in the Queens neighborhood, the Commercial Observer reported. BayBridge Real Estate Capital arranged the deal. There was previously […]
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