Shaya Boymelgreen and 20 Pine Street

The developers of 20 Pine Street, led by Africa Israel USA, have settled a probe by Attorney General Eric Schneiderman for allegedly covering up construction defects at the troubled condominium, but are facing a new $20 million lawsuit from unit owners over the same charges, The Real Deal has learned.

Jesheyanu “Shaya” Boymelgreen and Tamir Kazaz, president of AFI USA, signed an agreement to pay $144,000 in fines to the state and allow prospective buyers to rescind their contracts. The developers failed to disclose a Rand Engineering report listing $5.6 million in defects, ranging from cracking throughout the building, mold in the sauna, damaged heating systems and other problems, according to documents filed with the AG. [more]

Renderings of the 1 WTC base (left image credit: Post)

Durst Organization and the Port Authority of New York & New Jersey gave the public an up-close glimpse of 1 World Trade Center’s base by releasing new renderings to the New York Post. The 185-foot-wide cube podium, designed by Skidmore Owings & Merrill, will have vertical glass “fins” that suggest texture by varying patterns and extend from stainless steel panels. Aluminum screens behind the steel will illuminate the base. [more]

116 John Street (credit: PropertyShark) and a unit in the building

The redevelopment of a former Financial District office tower into a residential building is nearly complete and the 419 units will hit the rental market next week. Developer MetroLoft Management said the 35-story building at 116 John Street, at the corner of Pearl Street, will be available for occupancy in July. [more]

From left: Sara Judge McCalpin, president of China Institute in America, and 40 Rector St.

The China Institute in America paid $18.3 million for a two-level space at 40 Rector Street, according to property records filed with the city Monday, making the non-profit organization the fourth purchaser at Philips International’s commercial condominium. The purchase covers a 13,000-square-foot portion of the ground floor, plus the entire 35,000-square-foot second floor, Michael Pilevsky, co-president of Philips, told The Real Deal. [more]

From left: Darcy Stacom and William Shanahan, vice chairmen at CBRE, and 4 New York Plaza

A partnership between HSBC Alternative Investments and Edge Fund Advisors has purchased the Lower Manhattan office tower 4 New York Plaza for $270 million, Bloomberg reported. The property, sold by Harbor Group International, is located near Water and Broad streets.

The building measures 1.1 million square feet in space and 22 stories in height. Bloomberg said it was purchased on behalf of the London-based HSBC Club Programme. [more]

From left: Westfield CEO Peter Lowy, Port Authority Director Patrick Foye, retail at 4 WTC and the WTC Transportation Hub

By sending the first installment of a $612.5 million payment to the Port Authority of New York & New Jersey, Westfield Group officially sealed the deal to take a 50 percent stake in the World Trade Center’s 460,000 square feet of retail space, the New York Post reported. [more]

A rendering of Pier 17

Lower Manhattan’s popular New Amsterdam Market wants to make a permanent home of the abandoned Fulton Fish Market warehouses, but it’s facing opposition from Howard Hughes Corporation, DNAinfo reported. The South Street Seaport developer has first rights to the city-owned properties that the market covets around the seaport.

The buildings that the market’s founder, Robert LaValva, hopes to occupy are the Tin Building and the New Market Building, located near the base of Pier 17. [more]

From left: Bill Thompson, Milstein Properties Chairman Howard Milstein, and Brookfield Chairman John Zuccotti

A pair of deals mayoral candidate Bill Thompson oversaw as chairman of the Battery Park City Authority that aid Lower Manhattan developers has helped line his campaign coffers while stripping the city of much-needed revenue, according to the New York Daily News. Thompson stepped down from the post this month to focus on his mayoral campaign, but in the last year he’s helped overturn scheduled fee increases for Battery Park City condominium owners and secured valuable rent breaks for Brookfield Office Properties’ planned redevelopment of World Financial Center retail. [more]

From left: Steve Witkoff, Ruby Schron and the Woolworth building

An Israeli investor has signed a contract to buy the top 25 floors of the Woolworth building for about $70 million, Crain’s reported. The deal comes six weeks after reports first emerged that Steve Witkoff’s Witkoff Group and Ruby Schron’s Cammeby’s International were considering a sale of the upper portion of the property, which has remained vacant for years in advance of a residential or hotel conversion.  [more]

Forest City Ratner's Bruce Ratner, Darcy Stacom of CBRE Group and 8 Spruce Street (building credit: Gehry Partners)

Forest City Ratner is looking to cash in on the city’s record-strong residential rental market by selling a stake in Manhattan’s tallest rental building. The Wall Street Journal reported that the developer has commissioned Darcy Stacom, vice chairman of the CBRE Group, to find an investor to take as much as a 49 percent stake in 8 Spruce Street.

The 76-story, 903-unit Frank Gehry-designed building launched last February under the auspices of Citi Habitats and is now 80 percent occupied. Asking rents for the remaining units start at $3,750 per month for one-bedroom apartments and $6,720 per month for two-bedrooms. [more]