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Posts Tagged ‘111 washington street’

  • From left: A rendering of 111 Washington Street, Richard Ohebshalom and the development site

    From left: A rendering of 111 Washington Street, Richard Ohebshalom and the development site

    Richard Ohebshalom’s Pink Stone Capital is moving along with a 51-story, 429-unit tower in the Financial District that seems destined to be a residential rental building, according an application filed today with the Department of Buildings. [more]

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  • From left: Former parking garage at 111 Washington Street, current lot and Bob Knakal

    From left: Former parking garage at 111 Washington Street, the site now and Bob Knakal

    A pair of developers who picked up a distressed lot in the Financial District a few years back for a cool $57.5 million is now asking five times that amount for the property. [more]

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    From left: Pink Stone Capital’s Richard Ohebshalom, Meir Milgraum and David Goldban; 111 Washington Street (source: PropertyShark)

    The Midtown-based real estate development firm Pink Stone Capital expects to
    build a high-end residential rental tower with 54 floors at 111 Washington Street,
    two blocks south of the World Trade Center site in the Financial District.
    The approximately 430,000-square-foot high-rise will have about 500 units in a
    mix of studios and one- and two-bedroom apartments, Meir Milgraum, director of
    acquisitions for the firm, said. One or two large penthouses may also be included,
    he added.
    Pink Stone bought the defaulted $50 million note from New York Community
    Bank in March
    . The bank lent parking
    magnate Gerald Brauser and his company Term-Washington Street Garage the
    money in 2006 to develop the property. … [more]

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    From left: 100 South 4th Street (credit: PropertyShark) and 120 South 4th Street

    Two under-the-radar Brooklyn real estate developers are confronting more than
    $51 million in personal guaranty and foreclosure lawsuits on five separate loans
    doled out in Williamsburg and Greenpoint in 2006 and 2007.

    In the largest and most recent legal action, special servicer CWCapital Asset
    Management sued the developers, Menachem Stark and Israel Perlmutter, to
    recover $29 million lent in 2007 and secured by the seven-story, 74-unit rental
    building at 100 South 4th Street, between Berry Street and Bedford Avenue.

    In the CWCapital suit filed in U.S. District Court in Brooklyn June 28, the special
    servicer claims the pair personally owes the full $29 million because of a Chapter
    11 filing the pair entered in an effort to block a foreclosure proceeding in 2009. … [more]

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    111 Washington Street and Costas Kondylis, who was supposed to design a hotel at the site (building photo source: PropertyShark)

    Pink Stone Capital, the firm run by Richard Ohebshalom, son of Empire Management’s Fred Ohebshalom, purchased the $50 million note on the development site at 111 Washington Street. The New York Post reported the loan was purchased for close to par from the New York Community Bank. The Financial District location sits across from the new W hotel and condos, and was supposed to be a hotel designed by Costas Kondylis until the financial crisis sacked the 400,000-square-foot blueprint. Craig Nassi of BCN Development, who was in charge of the hotel plans, told the Post he believes the new owners will turn it into a rental building. … [more]

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