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Sky Garage

Waiting for Godot: These NYC penthouses are languishing without buyers Social media stars and TV cameos haven’t helped these apartments sell

While brokers try everything from price cuts to publicity stunts to generate interest in their product, the market just ain t buying some of what they have to sell.

A number of penthouses are lingering for months – and even years before finding a buyer. Those that have been written about the media and plugged aggressively on social media and television by brokers with large followings don’t seem to be selling any quicker than their less-talked-about counterparts.

Take the penthouse at the Sky Garage building at 200 Eleventh Avenue, developed by Young Woo Associates and Glauco Lolli-Ghetti. Despite boasting a contraption known as the Sky Vault that was plugged by Ryan Serhant on Million Dollar Listing New York and a system that allows residents to take their vehicles up to their floors, the pad has been on the market since September 2013. Despite a price chop to $20 million, it s yet to find a buyer.

Which penthouses have lingered longest?

The top unit at 40 East 80th Street, a 41-unit co-op, has languished on the market for over 1,450 days, according to data compiled by StreetEasy for The Real Deal. Currently asking $3.5 million, Penthouse B was first listed on May 14, 2012.

Here’s our roundup of other penthouses that have had long lives as listed properties.

Tommy Hilfiger’s Plaza Hotel penthouse

The fashion mogul s 6,000-square-foot pad has be[……]

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Cammeby’s International

Cammeby s releases new, detailed renderings of controversial Coney Island project Building will rise 40 stories and include 90K sf of retail

Rubin Schron and rendering of 532 Neptune Avenue (credit: S9 Architecture)

Rubin Schron s Cammeby s International has released detailed renderings of its controversial residential tower in Coney Island, the firm s fi爱上海同城论坛 爱上海同城rst solo ground-up development.

Rendering of 532 Neptune Avenue (credit: S9 Architecture)

The project would replace the Trump Village Shopping Center at 532 Neptune Avenue and will include 544 apa爱上海同城对对碰 爱上海同城论坛rtments. The 40-story tower is part of a massive mixed-use project, designed by S9 Architecture, that would include a 161,000-square-foot office building at 626 Sheepshead Bay Road. The tower will also feature 90,000 square feet of retail and 15,521 square feet of community facilities. New York YIMBY released the latest renderings on Friday. When completed, it would be the tallest tower in South Brooklyn.

Rendering of 626 Sheepshead Bay Road (credit: S9 Architecture)

Businesses in the shopping center and tenants in the nearby Trump Village have already complained about the disruption caused by the project s construction. The fi阿爱上海同城 阿拉爱上海同城rst phase of construction is already underway, which includes a seven-story office building on Sheepshead Bay Road. In May, clothing chain DII, operated by Dee Dee, a tenant of the sho爱上海龙凤419桑拿 上海龙凤论坛sh1fpping center, filed a $75 million lawsuit against Cammeby s, claimin上海千花网龙凤论坛 上海千花社区g that the company v[……]

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1375 Broadway

Crossix inks 28K sf lease at Westbrook s 1375 Broadway The new space is 10K sf bigger than its current digs

From left: 1375 Broadway and Crossix CEO Asaf Evenhaim

A healthcare data analytics company just inked a lease for 28,000 square feet at Westbrook Partners’ 1375 Broadway.

Crossix is ditching its current locati上海贵族宝贝论坛 上海贵族宝贝on at 1001 Sixth Avenue, where the company currently leases 18,000 square feet, the New York Post reported. The asking rent for the new space was in the mid-$60s per square foot.

The Midtown tower has recently attracted other tech companies looking to expand. The Mu上海夜网 阿爱上海同城se, an online career resource, to上海龙凤论坛 新上海贵族宝贝论坛ok 18,000 square feet in the buildi上海千花网论坛 上海千花网ng earlier this year, with an option to eventually double its space.

Westbrook purchased the 20-story, 513,000-square-foot office building in 2015 from Savanna for $310 million. Savanna had paid less than half that — $135 milli上海千花社区 上海千花网交友on — in 2010 for the building, but had since upgraded the property.

On the latest lease, Marc Schoen and Brian Neugeboren of Savitt Partners represented Crossix. CBRE’s Paul Amrich, Neil King, Patrice Meagher and Meghan Allen represented Westbrook. [NYP]— Kathryn Brenzel 

Tags: 1375 broadway, westbrook partners
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New Develoment Sales NYC

Elliman only made $100K in profits in Q1 Competitor Realogy Corp. reported uptick in sales $2.5M and up

Howard Lorber (Credit: Getty Images)

UPDATED, May 6, 8:55 p.m.: No, that s not a typo: Douglas Elliman s profits dipped to just $100,000 during the first quarter of 2017, down from $7.1 million during the same period last year, parent company Vector Group reported Friday. The paltry sum was attributed to fewer closings at new development projects, Vector executives said.

Elliman closed sales worth $5.6 billion during the first quarter, compared to last year s $5.7 billion, the company said. That resulted in $155.5 million in first-quarter revenue, down slightly from $157.6 million last year.

There were less new development closings. That s a higher-margin business so that hurt us, said Douglas Elliman CEO Howard Lorber, during an earnings call Friday.

While the firm s net income for the quarter was $100,000, its adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $1.8 million, compared to $9.1 million in 2016 s first quarter.

Overall, Vector s first-quarter revenue was $415.2 million, up from $380.8 million in 2016 s first quarter. Vector reported a net loss of $4.2 million compared with net income of $19.3 million during the first quarter of last year.

Lorber told investors that New上海千花社区 上海千花网交友 Valley, the real estate investment vehicle of Vector, would continue to take an opportunistic approach. If there s something that makes 上海龙凤论坛 新上海贵族宝贝论坛sense, that s an[……]

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David Greenfield

The outgoing City Council land use chair on greenlighting major developments, trading ‘Greenfield’ cards and the best kosher bagels in NYC

David Greenfield (credit: Studio Scrivo)

City Council member David Greenfield represents Brooklyn’s 44th district, which spans the predominantly Orthodox Jewish neighborhoods of Midwood and Borough Park. Since 2014, he has chaired the council’s land use committee, meaning that NYC’s powerful developers need to win his approval for many of their megatowers. Most recently, Greenfield, 39, presided over the rezoning of Midtown East and was a key interlocutor in negotiations for Mayor de Blasio’s controversial Mandatory Inclusionary Zoning policy. Greenfield, a Democrat, took office after winning a 2010 special election and was reelected in 2013. Befo爱上海同城 爱上海re holding office, he founded a nonpublic education advocacy group, served as chief of staff to Assemblyman Dov Hikind and did a stint as deputy director of U.S. Sen. Joseph Lieberman’s 2004 presidential campaign. Greenfield describes himself as a diplomat, bridging the divide between the council’s progressive wing and the real estate industry. Although it seemed that his political ambitions had outgrown the city — Greenfield raised over $300,000 for a state-level campaign account this year, with much of it coming from real estate players — he announced in July that he’s leaving the council next year and will not seek higher office. Instead, he will take over as the executive director of the[……]

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1271 Sixth Avenue

Law firm eyeing big spread at Rockefeller s 1271 Sixth Blank Rome merged with struggling shop last year and consolidated offices at Chrysler Building

1271 Sixth Avenue and Rockefeller Group’s Dan Rashin

Philadelphia-based law firm Blank Rome, which last year acquired struggling D.C.-based law shop Dickstein Shapiro, is in advanced talks to lease roughly 130,000 square feet at the Rockefeller Group’s 1271 Sixth Avenue.

The potential 上海夜网论坛 上海夜网deal is still a few months out, but Blank Rome is negotiating to lease three floors at the 2.1 million-square-foot former Time Life building, sources told The Real Deal. The law firm is also said to be considering Coh上海贵族宝贝论坛 上海贵族宝贝en Brothers Realty’s 805 Third Avenue, but leaning toward the Rockefeller Group tower.

A representative for Blank Rome couldn’t be immediately reached, and a spokesperson上海夜网论坛 上海夜网 for the Rockefeller Group declined to comment.

If the deal goes through, it would be another in a flurry of recent activity at the 48-story building, which is undergoing a $600 million redevelopment that will replace the 1959 tower’s façade with a new curtain wall.

Asking rents in the building are in the $70s to $80s per square foot in the base and mid-rise floors.

Last month, Mizuho Americas, the stateside arm of Japanese bank Mizuho Financial Group, inked a deal for 270,000 square feet in the building, the New York Post reported, which was on top of the 141,000 square feet it leased at the tower earlier this year.

Major League Baseball inked one of 2[……]

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Slate Property Group

Slate launches real estate lending platform with $500M target Developer’s first loan funds LIC land deal

From left: Martin Nussbaum, 45-57 Davis Street and David Schwartz

Slate Property Group launched its own real estate lending platform with a goal of issuing $500 million in mortgages this year.

The venture, dubbed SPG Capital Partners, will originate only senior mortgages, Slate’s co-founder Martin Nussbaum said. The Midtown-based developer s first deal is a $19 milli新上海贵族宝贝论坛 上海贵族宝贝交流区on mortgage to fund Solomon Feder’s acquisition of a development site at 45-57 Davis Street in Long Island City. The developer plans to build a 150-unit, 10-story residential project on the lot, which sits close to Court Square.

“There’s a bigger need for non-conventional financing in the marketplace,” Nussbaum said, citing banks’ reluctance to finance, for example, condo development.

Apart from construction and land loans, SPG plans to focus on transitional, bridge and condo inventory loans of up to 80 percent of a project’s value. Slate will pay for the loans with its own funds and through institutional partners.

Slate isn’t the first development firm to get into the lending game. RXR Realty, RFR Realty, Moinian Group and Kushner Companies all launched mortga上海千花社区 上海千花网交友ge platforms in a bid to fill the void left as banks retreat from development and bridge financing.

“There’s no doubt the space has gotten more competitive,” Nussbaum acknowledged.

Four of the top 10 firms in The Real Deal’s January ranking of l[……]

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Robert Frischman Death

Veteran retail broker Robert Frischman dies The 53-year-old founder of JDF Realty was diagnosed with brain cancer in 2016

Robert Frischman (Credit: PxHere)

Longtime retail broker Robert Frischman has died of brain cancer at age 53 after battling the disease for roughly 18 months.

Frischman was the founder of JDF Realty, which merged with Evo Real Estate Group in 2013 and then with Herald Square Properties in 2017, becoming HSP Real Estate Group, according to 新上海贵族宝贝论坛 上海贵族宝贝交流区the Commercial Observer. Frischman was an executive vic爱上海 爱上海WIFIe president and 阿拉爱上海同城 爱上海龙凤419桑拿director of retail brokerage at HSP, and although he went into work as often as he could after his cancer diagnosis, he had not been able to come in very much since last summer.

His work included a 2015 deal that brought UFC Gym to 277 Canal Street and a 2016 deal that brought the Gem Saloon to 375-377 Third Avenue, and he was an associate broker with Chodosh Realty Services before starting JDF Realty. [CO] – Eddie Small

Tags: Commercial Real Estate, herald square properties, jdf realty, obituary
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Construction Corruption NYC

DEP employee allegedly at center of $165M construction bribery scheme Companies funneled work to his subcontracting companies: DA

District Attorney Cyrus Vance

The former head of contracts and procurement at the city Department of Environmental Protection agency is at the center of a $165 million bribery scheme that funneled work to construction and engineering companies, officials allege.

Ifeanyi Manny Madu allegedly provided information on DEP projects to three engineering firms — including the scope of the work and the names of the individuals who would be selecting the winning companies — before they were made public through requests for proposals, according to a summons filed in state Supreme Court in Manhattan. In exchange, these firms allegedly hired subcontracting companies controlled by Madu — including JCMC Associates and CIMC Associates — and another run by his former assistant at the DEP, MCMS Associates. He also received gifts in the form of Broadway show tickets and expensive dinners.

Officials allege that Madu and his affiliates received at least $8.1 million in bribes from 2007 to 2017. Projects included the rehabilitation of the Gilboa Dam and other water-related jobs.

“A handful of industry players transformed our city’s water infrastructure procurement process into their own personal swamp,” Manhattan District Attorney Cyrus Vance Jr. said in a statement. “For construction management companies, public works are highly-prized jobs, and any competitive edge in th[……]

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Southampton officials look to buy and raze a Hampton Bays motel to build luxury condos

Southampton officials look to buy and raze a Hampton Bays motel to build luxury condos

Southampton Town officials want to buy the Bel-Aire Cove Motel so they can tear it down before securing construction permits and arch上海龙凤论坛 新上海贵族宝贝论坛itectural drawings for a willing developer, Newsday reported. The owners are willing to sell for $1,060,000, according to Southampton town supervisor Jay Schneiderman. Last year, the hotel, which largely operates as a year-round residence 上海千花网 爱上海同城对对碰for its occupants, was found to be riddled with code violations including bedbugs, electrical problems, missing smoke detec爱上海同城对对碰 爱上海同城论坛tors and a slew of other complaints. If the plan goes forward, off上海贵族宝贝交流区 上海贵族宝贝论坛icials envision eight two-story luxury units on the site, but Schneiderman add上海千花网龙凤论坛 上海千花社区ed that the town would consult with Hampton Bays residents and businesses regarding best uses for the land. He believes the town could make a small profit on the property, and if they do, this project “could be a model” for other projects. [Newsday]

Tags: Hamptons
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