Faith Hope Consolo

Joe Aquino claims Faith Hope Consolo has been stealing his remaining Elliman commissions Retail broker has named ex-boss as defendant in suit against firm

Joseph Aquino, longtime right hand man to Douglas Elliman retail maven Faith Hope Consolo, says she s been improperly muscling in on his remaining commissions, two months after he was fired from the brokerage for filing a lawsuit claiming owed commissions.

In an amended legal complaint filed last week in New York State Supreme Court, Aquino accused his former partner of submitting false split sheets to Elliman on a deal the pair completed prior to his departure from the brokerage.

In the submission, Consolo allegedly claimed that she was entitled to 100 percent of the commissions from a deal the duo closed for the Riccardo Maggiore hair salon at 114 East 57th Street earlier this year, when in fact they were supposed to split the commissions, Aquino argued in legal documents.

Elliman then stiffed him on paying his rightful commission, he claims.

There is every reason to believe that Consolo will continue to provide split sheets to DE that omit Mr. Aquino s name as a proper recipient of commissions, and that DE will continue to pay上海千花网论坛 上海千花网 only Consolo these commissions, despite their knowledge that Mr. Aquino was a procuring cause of the transactions, the complaint says.

A spokesperson for Douglas Elliman declined to comment. Consolo also did not comment.

Consolo has now been named as a defendant in Aquino s pending suit against E[……]

Read more

General Growth Properties

GGP, Simon Property get court s OK to buy Aeropostale for $243M Restructuring could be a model for other distressed retailers

Sandeep Mathrani and an Aéropostale store

A bankruptcy judge gave the final approval for General Growth Properties and Simon Property Group s purchase of distressed teen clothing retailer Aeropostale, thus saving 229 stores from closure.

The two real estate investment trusts formed a joint venture with Gordon Brothers Retail Partners and Hilco Merchant Resources to buy the ailing clothing chain. They won a bankruptcy auction on Sept. 2 to buy the stores for $243.3 million上海千花社区 上海千花网交友 . The sale required approval from a bankruptcy judge, Bloomberg reported.

“This could be a model for future restructurings in the years ahead,” Ray Schrock, a lawyer for Aeropostale, told the court.

The new owners will keep the clothing chain alive, but the number of stores will dramatically decrease from around 800上海千花社区 上海千花网交友 to 229. Private equity firm Sycamore Partners had offered $1 million more for the company, but its plan was to liquidate all of Aeropostale’s assets.

GGP and Simon Property Group were both Aeropostale landlords when the company went bankrupt in May and closed its flagship store in Times Square. When only liquidation offers came fo上海千花网交友 上海千花网论坛rward, the two REITs formed a consortium to buy and revive their tenant. The deal includes $74 million to fund a Chapter 1爱上海同城手机版 新爱上海同城对对碰论坛1 plan, the website 阿拉爱上海同城 爱上海龙凤419桑拿reported, which will be confirmed at a hearing slated for November. [Bl[……]

Read more

Hedge Funds Office Leasing

Hedge fund weakness weighing on Midtown office market Funds signed a mere 44 leases 上海贵族宝贝交流区 上海贵族宝贝论坛at $100 psf or more in Midtown this year

Midtown Manhattan

Hedge funds, bogged down by weak returns and rising competition from pa上海千花社区 上海千花网交友ssive funds, 上海千花网论坛 上海千花网aren’t leasing $150-per-square-foot offices like they used to.

Year-to-date, a mere 44 hedge funds signed leases in Midtown Manhattan for $100 per square foot or more, according to JLL . Last year 138 did so. Top asking rents have also been falling to $137 per square foot from $143 per square foot in April.

Hedge funds only accounted for 10 percent of all newly leased Midtown Class-A office space in 2015, but because they tend to pay higher rents their financial significance is far greater. When Ken Griffin s hedge fund Citadel leased 200,000 square feet at L L Holding’s new office development 425 Park Avenue last year, it paid $300阿爱上海同城 阿拉爱上海同城 per square foot for the p阿拉爱上海同城 爱上海龙凤419桑拿enthouse portion.

Hedge fund returns have trailed the S P 500 this year, making it harder to justify the hefty fees they charge. Meanwhile, passive funds that merely track indices and charge far lower fees have been growing in popularity. In the third quarter alone, investors withdrew $28 billion from hedge funds. [NYP] Konrad Putzier 

The Real Deal is making its proprietary research available to the public. Contact us  to purchase these packages.
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

[……]

Read more

NYC Market Reports

Median home value of $198K surpasses pre-recession peak A weekly feature bringing you the industry’s latest intel

Credit: RedFin

According to the most recent market reports, the median value for a home in the U.S. reached $198,000 in April, surpassing the pre-recession peak of of $196,000.

Residential

Luxury Sales | Olshan Realty
The total asking dollar volume for the 32 luxury contracts signed last week was $264.5 million. Last week saw the same number of contracts, but for a total asking dollar volume of $194.5 million. Read the full report here.

Condos and co-ops | Sotheby’s International Realty
There were 2,440 closed sales of condos and co-ops in Manhattan t新爱上海同城对对碰论坛 上海同城对对碰交友社区he first quarter of 2017, a 5 percent year-over-year decline. Of the total, 83 percent of the sales were under $3 million. Read the full report here.

Rental report | ApartmentList
A two-bedroom apartment rents for a median price of $2,470 a month in New York City, a 0.9 percent increase year-over year. Read the full report here.

Millennial上海同城对对碰交友社区 上海夜网论坛s and homeownership | AprtmentList
Eighty percent of millennials plans to buy a home, but 72 percent say they can’t afford to buy one. Read the full report here.
Housing affordability | RedFin
As home prices rise faster than income, African-Americans and Hispanic homebuyers are getting priced at higher rates than whites. In New York, home affordability decreased by 23 percent overall, but 43上海夜网论坛 上海夜网 percent for a median African-American homebuyers income, and 40 percent[……]

Read more

Durst Organization

Here’s what the $10M-$20M NYC investment sales market looked like last week Durst expands in East Harlem, Bluejay picks up stalled site in Brooklyn

From left: 50 Clarkson Avenue, Douglas Durst and 1801 Park Avenue (Credit: Google Maps)

In the world of mid-market New York City investment sales last week, the Durst Organization picked up two East Harlem lots for $18 million and Bushberg Properties sold a Brooklyn development site for seven times what they paid for it.

1.) The Durst Organization expanded its East Harlem assemblage with two lots opposite its Park Avenue development site. Durst paid $18.2 million for a 8,820-square-foot parking lot at 1801 Park Avenue, at t新爱上海同城对对碰论坛 上海同城对对碰交友社区he corner of East 124th Street, and a second lot back-to-back with the first, at 110 East 125th Streets. The property is opposite Durst’s massive development at 1800 Park Avenue, located next to the subway and MetroNorth station on East 125th Street. Durst bought the property from Ian Bruce Eichn爱上海龙凤419桑拿 上海龙凤论坛sh1fer for $91 million in 2016, and has not yet disclosed its plans for the site.

2.) Marc Jacobowitz’s Bluejay Management picked up a development site in Prospect-Lefferts Gardens from Bushburg Properties for $13.5 million. In 2014, Bushberg, led by Joseph Hoffman, bought three single-family homes at 50-54 Clarkson Avenue for a total of $1.75 million and razed them to make way for a nine-story rental building. The land is currently vacant and Bluejay intends to keep the original plans, which will bring 9[……]

Read more

45 Park Avenue

45 Park condo board looking to kick out ex-NFL player Donald Coleman owes $29k in fees, according to a lawsuit

Donald Coleman (Credit: Google Maps, Crain s Detroit Business)

The condo board of 45 Park Avenue has filed a lawsuit to foreclose on新上海贵族宝贝论坛 上海贵族宝贝交流区 a unit owned by ex-NFL player Donald A. Coleman.

According to the complaint, Coleman, who was a linebacker for the New York Jets and 阿拉爱上海同城 爱上海龙凤419桑拿the New Orleans Saints in the 1970s, owes $28,769 in common charges and late fees. His last payment was in June 2017. Part of that sum is the $10,000 that the condo board is seeking as reimbursement for its legal fees.

If left unpaid, the debt would grow at a rate of $2,400 per month, court documents state. The condo board also plans to charge Coleman rent for the months he stopped paying fees.

Coleman purchased the two-bedroom, three-bath apartment with h上海千花网论坛 上海千花网is wife Jo in 2007. He took sole ownership of the home in 2011 after their divorce.

The lawsuit comes more than a year after Coleman’s advertising firm, GlobalHue, was sued by former employees. The firm, which had clients such as Walmart and Coca-Cola, stopped paying its bi爱上海同城 爱上海lls, according to top executives. GlobalHue is best known for a Chrysler ad that featured Bob Dylan. One employee told the New York Post that Coleman “strung [them] along for months and months,” with 新爱上海同城对对碰论坛 上海同城对对碰交友社区promises that investors were coming in to provide funding.

SJP Properties developed the 21-story, 101-unit Park Avenue condo building. It was previousl[……]

Read more

Developers propose transforming Somers IBM campus into a school

A school campus development company hopes to turn the f新上海贵族宝贝论坛 上海贵族宝贝交流区ormer IBM campus in Somers into a coed private hig上海夜网 阿爱上海同城h school. Evergreen Ridge presented plans for the STEM-centric school, which would be called Somers Academy, to Somers’ Town Board, LoHud reported. The school would lease the property from 294 Route 100 LLC, which forked $31.75 million over to IBM for the office park last year. The redevelopment would require a zoning change, as the current zoning only allows for an office or college. Converting the space into a school “would significantly improve Westchester’s office market vacancy rate,” the outlet noted. “With Westchester’s current market inventory totaling about 27 million square feet, this property alone represents approximately 4.5 percent of Westchester’s entire multi-tenant market,” Howard Properties president Howard Greenberg told the outlet. 阿爱上海同城 阿拉爱上海同城[L上海千花网论坛 上海千花网oHud]

Tags: Westchester Fairfield
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy P上海龙凤论坛sh1f 上海龙凤论坛olicy.

[……]

Read more

NYC Political Donations

Everybody is looking for som上海龙凤论坛 新上海贵族宝贝论坛ebody to blame for all of the evils : Developers face political backlash Politicians are rejecting donations from the industry

上海同城对对碰交友社区 上海夜网论坛From left: Eliot Spitzer, Andrew Cuomo, Bill de Blasio, and Jeff Gural (Credit: Getty Images)

The latest trend in New York political donations is to reject money from real estate developers — a shift some in the industry are viewing as evidence of a new world order.

Last week, City Council Speaker Corey Johnson vowed to refuse money from “real estate developers or anyone employed at their firms,” in what will likely be his 2021 mayoral run (though he has collected it in the past). His decision followed that of others to deny donations from the industry, including Rep. Alexandria Ocasio-Cortez, Sen. Julia Salazar, Sen. Mike Gianaris and Public Advocate candidate Jumaane Williams.

Some also viewed the fact that Gov. Andrew Cuomo and Mayor Bill de Blasio didn t attend this year s Real Estate Board of New York gala as symbolic of a change in attitude. Developer Jeff Gural cited their absence as evidence of a new world order.

“This is like an atmospheric problem with politics — everybody is lo爱上海同城论坛 爱上海同城oking for somebody to blame for all of the evils in society, another real estate executive told Politico. Donald Trump blames immigrants and New York City politicians上海贵族宝贝 上海千花网龙凤论坛 blame the real estate industry.

REBNY president John Banks told Politico that their absence was really meaningless. [Politico] — Kathryn Brenze[……]

Read more

Clipper Equity

Clipper Equity buys out Chetrit at 720-unit Greenpoint project David Bistricer said project is still moving “full speed ahead”

David Bistricer and 77 Commercial Street, Brooklyn (Credit: Google Maps)

David Bistricer s Clipper Equity has bought out the Chetrit Group at their massive Greenpoint project on Commercial Street, according to the developer.

Bistricer declined to discuss the financial terms of the buyout and described the move as “strategic planning stuff” between him and Chetrit. He said they still have other partners on the site, and Chetrit’s departure has not changed their plans for the project上海贵族宝贝论坛 上海贵族宝贝.

“We’re going full speed ahead on what we’re doing,” he said.

Ch上海千花网论坛 上海千花网etrit declined to comment.

The project at 77 Commercial Street will include 720 units across three buildings, and the developers have pledged to make 200 of the units affordable. It was permitted in the spring of 2015—a time when developers were extremely worried about losing the 421a tax exemption, which allows them to pay lower taxes for 20 years if they invest in affordable housing—but has not seen much progress since then.

Over the last year, the Chetrit Group has sold its stakes in other developments across the city. The Real Deal reported last August that the firm was bought out by partner Michael Stern s JDS Development Group at 9 Dekalb Avenue, for nearly $60 million. Up in the Bronx, Chetrit and Keith R阿爱上海同城 阿拉爱上海同城ubenstein s Somerset Partners sold their massive Mott Haven develo新爱上海同城对对碰论坛 上海同城对对碰交友社区pment[……]

Read more