Adam Leitman Bailey, the high-profile New York City attorney who runs a firm bearing his name, sat down with Fox News in the video after the jump and explained how a layman should approach buying foreclosed homes.
“This is the greatest time in the history of the world to buy a home,” Bailey said. But he warns “it’s very complicated, and you can lose your shirt very easily.” [more]
The logo of the Juliet Supperclub
The Juliet Supperclub, a West Chelsea haunt known for its celebrity clientele and the two murders that occurred there in recent months, opted to withdraw a lawsuit today that was seeking to thwart eviction proceedings, according to court documents obtained by The Real Deal.
Since November, the club owner has been fighting with its landlord, an entity of the Newark, N.J.-based Edison Properties, over whether the venue is a supperclub or a nightclub. [more]
303 East 51st Street
The documents detailing the wrongful death settlements in the 2008 East 51st Street crane collapse that harmed 31 people have been ordered unsealed by a Manhattan judge, the New York Law Journal reported. The defendants appealed the decision yesterday, The Real Deal has learned.
Justice Carol Edmead said that there was no justification for withholding the settlement amounts from the public now that all seven Labor Law wrongful death cases have been settled. Edmead had temporarily sealed the documents after one of the trials so that previous judgments wouldn’t impact the ones pending. [more]
Brooklyn-based Steiner Studios closed last week on the acquisition of a four-property package with a contract price of $30 million, including 350 Livingston Street in Downtown Brooklyn.
Steiner Studios bought the four properties: a 120,000-square-foot office building at 350 Livingston Street; a vacant lot at 325 Schermerhorn Street; a medical building at 345 Schermerhorn Street and a 20,000-square-foot parking lot at 62-64 Flatbush Avenue, last Wednesday, Ray McKaba, president of the Brooklyn-based seller Nevins Realty, said. He would not comment on the sale price. [more]
At The Real Deal‘s seventh annual forum last week’s at Lincoln Center’s Avery Fisher Hall, real estate pros gathered to watch debates between real estate attorneys Adam Leitman Bailey of the eponymous firm and Stuart Saft, chair of law firm Dewey & LeBoeuf’s global real estate department; developer Billy Macklowe of William Macklowe Company and John Catsimatidis, CEO of the Red Apple Group; and Frederick Peters, president of Warburg Realty, and Lockhart Steele, founder of Curbed. In attendance were Faith Hope Consolo, chairman of Prudential Douglas Elliman’s retail leasing and sales division, Jonathan Miller, president of appraisal firm Miller Samuel and Andrew Barrocas, CEO of brokerage MNS, all of whom stepped outside to talk to The Real Deal about the state of the market (see video above). — Katherine Clarke
Is it any wonder that two litigators stole the show at The Real Deal’s seventh annual forum, which was structured as a debate between three sets of real estate professionals? (See a few photos from the forum above and look for the December issue for more.) Attorney Adam Leitman Bailey of the eponymous firm and Stuart Saft, chair of the real estate department at Dewey & LeBoeuf, faced off on whether litigation is harming New York City real estate — an animated discussion that had Bailey angling to settle a dispute with Saft from the podium (for a client with cancer) and Saft accusing Bailey of hurting the city with his tactics.
“When you litigate without thinking of the consequences and the macro [effects], it hurts the city of New York,” Saft said. [more]
The Real Deal’s seventh annual forum, “The Debate,” at Avery Fisher Hall in Lincoln Center. Starting at 6:30 p.m., developer Billy Macklowe will debate Gristedes magnate John Catsimatidis. Then Curbed founder Lockhart Steele will face off against Frederick Peters, president of Warburg Realty Partnership. Finally, attorneys Stuart Saft of Dewey & LeBouef and Adam Leitman Bailey of his eponymous firm will go head-to-head. CNBC anchor Bill Griffeth will be moderating the event. It’s the big event of the year. If you move fast, you can still make it! Please tweet about the event and send questions using hashtag #trddebate. Comments
From the November issue: We won’t be bringing you a crowd that’s going to boo a soldier, cheer executions or applaud the death of an uninsured man, like we’ve seen at this year’s Republican presidential debates. But this month at Lincoln Center, The Real Deal‘s first debate — in which real estate bigwigs will square off against one another — promises to be a heated discussion of some of the key issues facing the industry today.
As far as we know, it will be the first real estate debate of its kind in New York City. The format is a departure from our usual annual panel discussion.
We have a bunch of prominent debaters lined up, and the issues that will be on the table on Nov. 16 are central to the livelihoods of those who work in real estate here in the city. [more]
Lawyers for Related Cos., the developer of the Upper East Side’s Brompton condominium , asked the U.S. Circuit Court yesterday to overturn a lower court ruling under the Interstate Land Sales Full Disclosure Act that critics charge would stifle new condo development by forcing sponsors to record sales contracts with city agencies even before a building is constructed.
In September 2010, Related, led by billionaire Stephen Ross, lost a closely watched ILSA case from Greek shipping executive Vasilis Bacolitsas and his wife, Sofia Nicolaudou, one of several buyers that filed suit in 2009 to get their escrow deposits returned at the building, at 205 East 85th Street, after the real estate market crashed. [more]
Ten Trump Soho buyers are getting a 90 percent refund on their deposits
after filing a suit against the Bayrock Group and the Sapir Organization
alleging they misrepresented sales figures (note: corrections appended). The New York Post reported that a federal lawsuit filed by the buyers against the building’s sponsors was settled yesterday, and they will get 90 percent of the $3.16 million in deposits they combined to have put down on $16.914 million worth of apartments. The buyers claim to have been told as many as 60 percent of the units were sold, when at the time just 16 percent of the hotel-condo units in the building, at 246 Spring Street, were actually sold. Adam Leitman Bailey represented the buyers. [more]
