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111 West 57th St

Inside the ownership structure of 111 West 57th St. AmBase dilution suit against JDS, PMG offers rare glimpse into organizing structure of $1.45B project

Who really owns the city’s biggest development projects? It’s a question that has stumped industry observers for years, as investors typically operate from behind LLCs and ownership stakes are closely-guarded secrets.

On Friday, AmBase Corp, a Florida-based investor in 111 West 57th Street, filed a $105 million lawsuit against JDS Development Group and Property Markets Group, alleging the developers engaged in a scheme that diluted AmBase s equity stake in the supertall condominium project.

Contained in the lawsuit was an exhibit that detailed the ownership of the Billionaires Row tower. Though the document detail新爱上海同城对对碰论坛 上海同城对对碰交友社区ed ownership at the time the partnership was first struck in 2013, and there have been changes since then, it still provides a rare look into the labyrinthine structures used on large-scale projects.

The tower is slated to rise to a height of 1,438 feet, and has a projected total sellout of $1.45 billion for its 60 units, according to an offering plan fil上海千花网龙凤论坛 上海千花社区ed with the New York Attorney General. JDS and PMG have delayed sales at the tower, acknowledging the market isn’t as receptive to high-end project as it was a year ago.

According to the exhibit, behind a web of shell corporations there were five principal investors in 111 West 57th Street at the project s outset in 2013: PMG principals Kevin Malone[……]

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Maspeth Hotel

Queens hotel won t be converted to homeless shelter But it will temporarily house homeless men

Holiday Inn Express at 59-40 55th Road in Queens and Elizabeth Crowley

The mayor s office dropped plans to convert a 110-room Maspeth hotel into a homeless shelter after intense community opposition,爱上海龙凤419桑拿 上海龙凤论坛sh1f city officials said.

Instead, the city will rent 30 rooms to house employed homeless men, while the Holiday Inn Express at 59-40 55th Road continues to operate as a hotel, New York Daily News reported.

Due to local opposition to housing homeless New Yorkers, we have not been able to convert this site into a full shelter at this time, Lauren Gray, a spokeswoman for the Department of Homeless Services said.

The owner, Harshad Patel, w上海贵族宝贝 上海千花网龙凤论坛ho also owns a Quality Inn in Jamaica that’s been converted to a shelter, told the Daily News he pulled o阿爱上海同城 阿拉爱上海同城ut of a contract with the city for爱上海同城 爱上海 a 110-bed shelter in response to community opposition.

The plans for the shelter were vehemently protested by both community members and elected officials. One Queens council member even sued Bill de Blasio s administration over it.  Many are not satisfied with the decision and plan to continue the protest.

The shelter population has recently hit 60,000 by the city’s count, and the number of homeless being housed in hotels has doubled since July, according to the New York Post. This despite the fact that Mayor Bill de Blasio prom新上海贵族宝贝论坛 上海贵族宝贝交流区ised in February to limit the use of hotels for that purpo[……]

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Lower East Side

Pricey penthouses at 215 Chrystie, 1 Manhattan Square go under contract At Schrager and Witkoff’s project, a pad asking $23.5M finds buyer

215 Chrystie Street

Notions of a gritty Lower East Side are giving way to luxury condominiums, thanks to a string of multimillion-dollar condo deals.

Even with luxury sales dipping citywide, developers at One Manhattan Square and 215 Chrystie Street are selling penthouse units for relatively large sums, the Wall Street Journal reported.

At its 815-unit tower One Manhattan Square, Extell Development put a five-bedroom duplex under contract for about $13 million, the developer told the Journal. And at Ian Schrager and Steve Witkoff s 215 Chrystie Street, a penthouse asking $23.5 million is 上海夜网 阿爱上海同城under contract for close to the listed price. Two other penthouses asking more than $18 million are also in contract, accordi上海贵族宝贝交流区 上海贵族宝贝论坛ng to Douglas Elliman s Dennis Mangone.

Those sales, however, are something of an anomaly.

The average sale price for condos on the Lower East Side dropped to $1.14 million in October, down 16.1 percent from $1.36 million a year earlier, according to real estate appraisal firm Miller Samuel.

Among properties $4 million and up, the number of contracts signed so far this year is down 18 percent from last year, according to Olshan Realty.

One Manhattan Square, located at 252 South Street, will have 815 units starting at $1.16 million. More than 80 units have sold since sales launched in November, according to Raizy Haas, Extell[……]

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Hale ‘Ae Kai

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By clicking Subscribe y上海同城对对碰交友社区 上海夜网论坛ou ag新爱上海同城对对碰论坛 上海同城对对碰交友社区ree 上海龙凤论坛sh1f 上海龙凤论坛to o爱上海龙凤419桑拿 上海龙凤论坛sh1fur Privacy Policy.

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MacQuesten’s commuter

MacQuesten’s commuter-friendly affordable housing development opens in Mount Vernon

A $31.5 million mixed-use affordable housing development opened late last month in Mount 上海龙凤论坛 新上海贵族宝贝论坛Vernon. The Modern, 上海贵族宝贝交流区 上海贵族宝贝论坛which has 81 rentals and 9,300 square feet of ground-level office and community space, opened at 130 Mount Vernon Avenue — once a struggling commercial corridor, according to Patch.com. Built by MacQuest上海千花社区 上海千花网交友en Development, the project is intended to be r上海龙凤论坛sh1f 上海龙凤论坛evitalize the Mount Vernon West Transit District. The 11-story building has one- and two-bedroom apartments ranging from 654 square新爱上海同城对对碰论坛 上海同城对对碰交友社区 feet to 906 square feet. [Patch]

Tags: Westchester Fairfield
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Bedford

爱上海龙凤419桑拿 上海龙凤论坛sh1fMaybe market-rate condos won’t be part of the Bedford-Union Armory after all EDC president James Patchett said city is reevaluating that component of the project

Bedford-Union Armory

Market rate condos could be on their way out of Brooklyn’s controversial Bedford-Union Armory project.

The Crown Heights development has drawn strong neighborhood opposition so far, and Economic Development Corporation president James Patchett said at a hearing this week that the city is “reevaluating” its decision to include 40 market rate condos in the project, according to the Daily News.

The overall p爱上海同城手机版 新爱上海同城对对碰论坛lan includes 56 condos, 20 percent of which would include income restrictions, as well as 330 apartments, half of which would have income restrictions. It would also include a large recreation center that the condos were supposed to help pay for.

Mayor Bill de Blasio’s administration has been trying to move the 上海千花网 爱上海同城对对碰project forward, but local Councilmember Laurie Cumbo continues to oppose it, largely due to the market rate condos.

The armory has sparked several fears about higher rents and displacement in Crown Heights, but the City Planning Commission voted 11-1 in late October to move forward with 阿拉爱上海同城 爱上海龙凤419桑拿the project. de Blasio had said earlier this fall that his administration would work with Cumbo to address her concerns with the armory. [NYDN] – Eddie Small

Tags: Bedford-Union Armory, b上海夜网 阿爱上海同城rooklyn condos, economic development corporation, Residential Real Estate
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35 Hudson Yards

Related projecting $1.5B sellout at
35 Hudson Yards Developer and partner Oxford Properties will sell pads at an average of $11M a pop

Jeff Blau and a rendering of 35 Hudson Yards (Credit: Related-Oxford)

Related Companies and Oxford Properties Group are targeting a $1.53 billion sellout at the under-construction supertall tower k爱上海龙凤419桑拿 上海龙凤论坛sh1fnown as 35 Hudson Yards, which makes it the se新爱上海同城对对碰论坛 上海同城对对碰交友社区cond-most expensive condominium pr上海千花网论坛 上海千花网oject 阿爱上海同城 阿拉爱上海同城approved to launch sales since 2016.

The 136 apartments at the 1,000-foot-tall building would hit the market for just under $11.3 million on average, according to an offering plan accepted for sale earlier this month by the New York State Attorney General s office

A spokesperson for Related and Oxford said that the company does not plan to officially launch sales at the property until later this year, however. The spokesperson declined to comment on specific unit pricing or other aspects of the development.

The building, which will include a hotel, has been funded by $1.2 billion in debt from the Dublin-based Children s Investment Fund subsidiary Talos Capital. In June, Related and Oxford announced they would seek an additional $380 million in debt for properties at Hudson Yards, including 35 Hudson Yards, through the EB-5 investor visa program. In August, New York YIMBY reported the developers still needed another $10 million in EB-5 money for 35 Hudson Yards.

The developers previously raised $600 million through EB-5 across its mul[……]

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U.S. Housing Market

US home sales fall for third straight month Supp爱上海同城手机版 新爱上海同城对对碰论坛ly hit highest level since 2009, government data show

Row homes in Brooklyn

New home sales d上海龙凤论坛 新上海贵族宝贝论坛ropped for the third consecutive month in the U.S., while the housing supply hit its highest level since 2009.

Government data show that single-family home sales dropped 0.6 percent month over m新上海贵族宝贝论坛 上海贵族宝贝交流区onth to an annualized pace of about 618,000, while the median sales price went up 9.7 percent to $326,800, according to Bloomberg.

The numbers show that the market for new homes is cooling off overall, and the report goes against prior dat上海夜网 阿爱上海同城a that showed home sales in February were rebounding.

Borrowing costs and property prices are continuing to increase at a faster pace than wages, which is making it harder for new and younger homebuyers to afford a house. Other factors making life difficult for first-time homebuyers include the new tax law and tight credit conditions. [Bloomberg] – Eddie Small

Tags: Housing Market, Residential Real Estate
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Meenakshi Srinivasan

The head of Landmarks is resigning Meenakshi Srinivasan will step down after four years

Meenakshi Srinivasan

Meenakshi Srinivasan, the head of the Landmarks Preservation Commission, will resign and transfer to the private sector, City Hall confirmed Thursday.

Appointed by Mayor Bill de Blasio to the helm of the city agency in 2014, Srinivasan has chaired an 11-member group and overseen 3,800 building designations for historic protections.

It’s been an intense, challenging, and incredibly rewarding experience, she said in a statement, adding that she intends to do more hands-on project-based work in in the private sector.

Crain s first reported the news Thursday.

Srinivasan, an architect by trade, chaired the Board of Standards and Appeals for 10 years before joining the commission. She joined the NYC Planning Department in 1990 where she worked on the master plan for Hudson Yards.

She was credited with上海贵族宝贝交流区 上海贵族宝贝论坛 designating 12 historic buildings in East Midtown, ahead of a major rezoning of the neighborhood that allowed developers to mo上海千花网论坛 上海千花网ve in. She also implemented reforms designed to speed up designations of buildings, some of which had languished for as long as 20 years.

But her tenure at the commission placed her in some testy confrontations with preservationists. As rec阿拉爱上海同城 爱上海龙凤419桑拿ently as last month, a coalition of comm上海同城对对碰交友社区 上海夜网论坛unity groups called for Srinivasan s resignation, after claiming that the commission had been hostile to preservationists and allowed inappropriat[……]

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Andrew Cuomo

Long Island Cheat Sheet: Huntington pulls contract with Bohemia-based architects over fees more

Clockwise from top left: Huntington pulls contract with Bohemia architects over fees, Central Islip to get $10M from state to revitalize downtown, 爱上海 爱上海同城手机版Jericho company buys six properties for $17M and Former Setauket estate of suffragette and WW1 nurse lists for $3.25M.

Huntington pulls contract with Bohemia-based architects over fees
The Huntington Town Board revoked the contract it had with Bohemia-based DCAK-MSA Architectural and Engineering PC — doing business as Savik and Murray — which had been hired to design the James D. Conte Community Center in Huntington Station. Town officials said the firm was charging excess fees and didn t advance the project beyond the conceptual phase. Patchogue-based BBS Architects, Landscape Architects and Engineers PC will take over the project, Newsday reported. In 2016, the town approved payment of $603,000 for Savik and Murray for the project and about half of that has already been paid out. Savik and Murray had apparently tacked fees onto that amount, forcing the final bill for the whole project up from the budgeted $10 million to a total of $15 million. The community center will feature a full-size basketball court and meeting rooms.  [Newsday]

Blumenfeld Development Group makes another pitch for Nassau Hub project 
Syosset-based Blumenfeld Development Group is again pushing to win the right to develop the Nassau Hub Innovation District project[……]

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