New York City developers made a madcap dash to secure property sites in 2012, and with prices continually inching upwards, had little option but to build luxury condos, thus leaving renters and those needing affordable housing out in the cold, the New York Times reported. [more]
Posts Tagged ‘737 park avenue’
A resident of 737 Park Avenue is facing accusations that she ran an illegal bed and breakfast out of her rent-controlled duplex in the white-glove building, according to court papers spotted by the New York Daily News. The building’s landlord, 737 Park Avenue Acquisition, filed papers in New York State Supreme Court, alleging that Elizabeth Murray has rented “portions of the apartment to transient, short-term occupants for a fee, thereby operating a bed and breakfast from the apartment.” … [more]
Brown Harris Stevens broker Carol Cohen, formerly of the Corcoran Group, has triumphed against her landlord in the second round of a legal battle over her rent-stabilized apartment, The Real Deal has learned, bringing an end to the two-year dispute.
The New York State Supreme Court Appellate Division ruled today that there was no evidence to substantiate landlord Katz 737’s long-held assertion that Cohen and husband, Lester, had lied about their income on state forms in order to prevent a rent increase at their apartment at 737 Park Avenue. [more]
Macklowe Properties is facing a $14 million lawsuit from a prominent Upper East Side plastic surgeon, claiming that the condominium conversion at 737 Park Avenue has flooded his practice, blocked access to the building and led to multiple noise complaints from patients.
Robert Jetter, a Lenox Hill Hospital-affiliated physician filed for an injunction Nov. 30 in New York State Supreme Court, alleging that the condo conversion has caused severe disruption to his ground floor offices. [more]
The city hasn’t exactly reverted to the go-go days of the boom, but as The Real Deal reported in its July issue developers are revisiting planned condominium projects and completing them — not as rentals, for a change — to meet the growing demand. In 2007, 511 condo projects were planned for Manhattan and Brooklyn. In 2012, 255 such developments are in the works and the New York Times provided updates on some of the most closely watched ones. [more]
Carol Cohen’s former landlord, who last year sued the real estate broker for allegedly misstating her income in order to keep a rent-stabilized apartment, has appealed the September dismissal of the case.
The landlord, Katz 737 Corp., filed an appeal in the New York Supreme Court Appellate Division Feb. 1, claiming that Cohen and husband, Lester, had hidden their true income “in a manner equivalent to “tax evasion,” and the dismissal of the case by a judge Sept. 26 2011 should be overturned. [more]
From left: One57 and Extell Development President Gary Barnett; the Touraine and Toll Brothers CEO Bob Toll; and 737 Park Avenue and Harry Macklowe
In an effort to increase control and decrease costs, big condominium developers are increasingly using their own sales teams for new projects rather than hiring outside brokerages to market the units, according to the Wall Street Journal.
For example, Extell Development, which relied on the Corcoran Group to market most of the condos it built throughout the last decade, has hired its own sales staff for its massive One57 development.
“To be frank, there is an awful lot of money in sales commissions and we want to get a piece of that ourselves,” Extell Development President Gary Barnett said. … [more]
The lawsuit filed against former Corcoran Group star broker and now Brown Harris Stevens senior vice president Carol Cohen, which led to her reported dismissal from Corcoran at the close of 2010, has been thrown out, according to documents filed by the New York state Supreme court earlier this month.
The lawsuit, filed by Katz 737 Corp., the landlord at Cohen and her husband Lester Cohen’s apartment building, in 2010, alleges that the couple had repeatedly lied about their income on state forms in order to prevent a rent increase at their $3,060 per month apartment at 737 Park Avenue, between 71st and 72nd streets. The landlord claimed that they had reported their combined income as being less than $175,000 per year to avoid a rent hike at the unit, which they had lived in since 1989.
The dismissal rendered those claims insufficient to prosecute. … [more]
A Russian developer is accusing the powerful California real estate investment firm CIM Group of breaking a verbal agreement to work together to build on a vacant site at 33rd Street and Madison Avenue, and instead swooping in to buy the $29 million mortgage and foreclose on it, a new lawsuit filed yesterday in New York State Supreme Court says.
NMP-Group, controlled by Russian developer Natalia Pirogova, says in the suit that CIM Group used privileged information to snap up the note in August from lender Garrison Investment Group despite making promises in March 2011 to work with NMP in a joint venture to build a mixed-use tower at the site, at 172-176 Madison Avenue. … [more]
Harry Macklowe’s development firm that is primed to carry out the $360 million condominium conversion of the pre-war apartment building at 737 Park Avenue, filed its first lawsuit related to the building this week, claiming a married couple living in a market-rate apartment is refusing to leave even though their lease expired last month. Macklowe’s company for the project, 737 Park Avenue Acquisition, filed the lawsuit Tuesday in New York State Supreme Court against Barry and Joan Shalov, seeking an order from the judge to force them out of the 21-story Lenox Hill building, at the corner of 71st Street, despite their desire to stay. Condo conversion experts predicted that it would not be easy converting the occupied building, with 103 apartments. The fact that Macklowe had to resort to a lawsuit to remove market-rate tenants living with an expired lease — presumably with no rights to stay — only underscores the potential challenges. … [more]
The London-based Children’s Investment Fund inked its first New York City real estate investment this month, providing $250 million in first mortgages for Macklowe Properties’ condominium conversion of the luxury apartment building 737 Park Avenue in Lenox Hill.
The fund, run by low-key hedge fund manager Christopher Hohn, makes investments in a wide range of industries globally, and gives a portion of its profits to children’s charities around the world.
“It is the first direct real estate investment we have made in New York,” Martin Frass-Ehrfeld, a partner with the fund, said. It is not the first in the United States, however. … [more]
From left: Harry Macklowe, 737 Park Avenue and 150 East 72nd StreetDeveloper Harry Macklowe’s firm Macklowe Properties filed plans with Attorney General Eric Schneiderman’s office to convert rental buildings at 737 Park Avenue and 150 East 72nd Street into condominiums, Bloomberg News reported. If the offering plan is approved by July 2012, closings could begin at the Upper East Side properties by late 2012 or 2013.
“The expectation is that we probably will be out of the recession by then and the economy will be booming and it will just be the right time to start selling apartments,” said Stuart Saft, head of the real estate group at Dewey & LeBoeuf LLP, who drafted the plans for Macklowe. … [more]
Developer Harry Macklowe has finally closed on his purchase of 737 Park Avenue for $360 million, the Post reported, one of the city’s pre-eminent rental apartment buildings. Los Angeles-based CIM Group, the developer of the Drake Hotel site, is thought to be Macklowe’s investment partner in the deal.
Macklowe is expected to convert the 21-story, 103-unit building into condominiums. The majority of the building’s units are currently market-rate rentals though some are rent-stabilized.
The building, on the corner of 71st Street, was previously owned by the Katz family who, for a long time, couldn’t come to a decision on whether or not to sell. … [more]
Developer Harry Macklowe closed this afternoon on the $70 million acquisition of a 34-unit rental apartment building at 150 East 72nd Street that his Macklowe
Properties expects to convert to condominiums.
Macklowe financed the Lenox Hill purchase and anticipated rehabilitation of the
72,000-square-foot, pre-war building through a total of $120 million in equity
and debt, according to a statement from Macklowe’s exclusive advisor on the
transaction, Howard Michaels, chairman of investment banking firm Carlton
Group. … [more]
Harry Macklowe has struck a deal to buy 737 Park Avenue for between $250 million and $255 million, sources tell Crain’s, and plans to convert the 108 rental units into condominiums. Macklowe’s interest in the property was widely reported, but details of the sale price and his intentions for the property are new. It’s the second building in the area that Macklowe has purchased in the hopes of doing a condo conversion, as last month Macklowe purchased a property at 150 East 72nd Street near Lexington Avenue for $70 million. Macklowe also bought 953-961 First Avenue with Prudential Douglas Elliman chairman Howard Lorber earlier this year. In purchasing 737 Park, 30 percent of which is comprised of rent stabilized units, Macklowe joined an undisclosed equity partner, according to Crain’s. … [more]
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From left: Jason Gold, Joseph Sitt, Stephen Shapiro and Eric Herlands
Jones Lang LaSalle’s expanding investment sales team in the firm’s New York City Capital Markets group has picked up four more brokers: Eric Herlands, Jason Gold, Joseph Sitt and Stephen Shapiro. The firm announced today that the new hires will be working for the high-profile team of Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham, who defected from Cushman & Wakefield to JLL last year in a deal sources said was valued at around $1 million per man. As The Real Deal reported last month, though, the pricey new team has yet to hit its stride, having done only around $200 million in property sales for JLL since its arrival. TRD … [more]
The pre-war, Sylvia Bien-designed rental apartment building at 737 Park Avenue is about to hit the market, and the family that owns it is hoping that the opportunity for a condominium conversion will help them get up to $250 million for the property, according to the Post. The building, which sits on the northeast corner of 71st Street, across from the tony co-ops at 720 and 740 Park Avenue, has 108 units averaging more than 1,800 square feet, with around 30 percent of them currently home to rent-stabilized tenants. … [more]
Has broker Carol Cohen been let go from the Corcoran Group in connection with a recent lawsuit involving her rent-stabilized apartment? The Post reported Sunday that Cohen’s landlord at 737 Park Avenue is suing her and her husband, Lester, alleging that they lied about their income on state forms to prevent a rent increase at their $3,060-per-month apartment. The two reportedly claimed that their combined annual income was less than $175,000 for the previous two years. Cohen, who for years has partnered with top broker Deborah Grubman, this year helped sell a $17.75 million One Beacon Court penthouse, and a mansion at 2 North Moore Street for $24.07 million. … [more]
Corcoran Group broker Carol Cohen has been sued by her landlord for allegedly lying about her income to keep the rent from rising at her stabilized Park Avenue apartment, the Post reported. The senior vice president, who, with partner Debra Grubman (The Real Deal’s all-around best broker of 2010), helped sell movie producer Joe Roth’s $17.75 million One Beacon Court penthouse this year and designer Vera Wang’s $33.6 million Park Avenue apartment in 2008, currently pays $3,060 per month for her two-bedroom pad at 737 Park Avenue. Her landlord, Katz 737, has been trying to de-regulate the unit since 2004, but Cohen and her husband claimed on state forms to have earned less than $175,000 combined in each of the past two years. Cohen declined to comment to the Post. … [more]