With dozens of luxury condo towers under construction, New York’s skyline is in flux. And so are developers’ finances. [more]
Posts Tagged ‘alexico group’
Developers are taking advantage of New Yorkers’ desire for green space by maximizing the amount of “outdoor living” a space offers — and then charging a premium for it. [more]
Toll Brothers’ Turtle Bay mixed-use project at 953-961 First Avenue will be 34 stories high and have 136 condominium units, according to Department of Buildings permits filed yesterday.
The 11,714-square-foot tower, located between 52nd and 53rd streets, will include ground floor retail space and a triplex on the 31st through 33rd floors, according to the permits. Previously, Toll had planned to build 161 rental units. [more]
New Yorkers aren’t thought of as being particularly superstitious, but developers don’t want to take any chances. Less than 5 percent of mid- and high-rise residential condominium buildings in Manhattan and Brooklyn have a designated 13th floor, according to an analysis of 1,500 condo declarations by real estate listings site and data provider CityRealty. [more]
Izak Senbahar’s 56 Leonard Street, the high-end “Jenga” condominium in Tribeca, is selling storage space for up to $1,800 per square foot. The 60-story skyscraper recently sold a 200-square-foot storage unit in the basement for $300,000 — about $1,500 per square foot. The average sale price for an existing home nationwide was $260,600 in July, according to the National Association of Realtors. [more]
A penthouse at the Alexico Group’s 56 Leonard Street has gone into contract for $47 million, a record for a condominium sale Downtown, the Wall Street Journal reported. [more]
From the April issue: Izak Senbahar stands in his 33rd-floor office and shows off a scale model of his latest project: the 60-story glass condo tower rising at 56 Leonard Street. The model, made of Plexiglass pieces stacked like the building’s cantilevered floor plates, occupies a prime position on the developer’s windowsill overlooking Midtown. And when the tower is complete in two years, it will occupy a similarly prime position in Tribeca. [more]
From the March issue: Izak Senbahar is the president of the Alexico Group, the development firm behind high-profile condo projects such as Grand Beekman on East 51st Street, 165 Charles Street, the Laurel on East 67th Street and the condo conversion of the Mark Hotel. In January, Alexico secured $350 million in construction financing to jump-start its stalled 60-story residential condo at 56 Leonard Street in Tribeca. The Herzog & de Meuron–designed project will have 145 units and is now slated to be complete by 2015. The company is currently working on projects with a combined value of around $2 billion. [more]
The 203-room Alex Hotel, located at 205 East 45th Street, has sold to an affiliate of the Wyndham Hotel Group for $115 million, The Real Deal has learned. The sale comes on the heels of the $180 million purchase of the Flatotel by Joseph Chetrit and David Bistricer, reported earlier today. Both properties were owned by a joint venture between Rockpoint Group, Atlas Capital Group and the Procaccianti Group. [more]
Construction was restarted in October on the previously stalled luxury condo building at 56 Leonard Street in Tribeca and now a fresh $350 million construction loan has been secured for the project, Izak Senbahar, president of Alexico Group, the project’s developer, confirmed. A consortium of seven major banks, led by Bank of America, are backing the massive loan. [more]
Developer Alexico Group has offloaded a troubled First Avenue development site, plans for which went belly-up as a result of the financial crisis.
The firm, which stalled several of its projects, including 56 Leonard Street, after the collapse of Lehman Brothers in 2008, has sold another stalled site at 953-961 First Avenue, at East 53rd Street, to the homebuilder Toll Brothers, according to public records filed today with the city. The deal for the site, which closed December 28, was for $64 million. Cushman & Wakefield represented the seller in the transaction. [more]
Alexico Group scored another victory at its once-financially troubled but since recapitalized Mark Hotel (note: clarification appended). A U.S. District Court Judge in Manhattan ruled that Alexico did not have to return the $4.68 million deposit to the buyer of a $18.75 million co-op who attempted to renege on her purchase because she claimed there were defects in the unit, the New York Times reported.
In 2009 — two years after Alexico purchased the property, and converted the top floors into 18 co-op units — Roberta Campbell purchased a co-op in the building at 25 East 77th Street. [more]
Four months after a court ruled debtholders could foreclose on its Alex Hotel and Flatotel properties in Midtown, Alexico Group and its partners have filed for bankruptcy protection in connection with the two buildings, which have $368 million in liabilities, Bloomberg News reported (note: correction appended). The developer has $245 million of outstanding liabilities on the 272-room Flatotel at 135 West 52nd Street with lenders Rockpoint Group, Procaccianti Group and Atlas Capital Group. The partnership purchased the debt from Anglo Irish Bank two years ago. [more]
The Alexico Group will likely lose control of a pair of Midtown hotel properties by the end of the year, after a New York State Supreme Court Judge ruled that the debtholders on the Flatotel and Alex Hotel may foreclose on the properties, according to the Wall Street Journal.
The Flatotel is a 272-room hotel the Alexico Group developed at 135 West 52nd Street that the debtholders moved to foreclose on in September 2010 with a $197 million lawsuit. The Alex Hotel, a 205-room property at 205 East 45th Street, was first hit with an $81.7 million lawsuit two months earlier, The Real Deal reported at the time. [more]
From left: Hines Interests Chairman Gerald Hines, renderings of 56 Leonard Street, 1045 Sixth Avenue and the MoMA Tower
Already behind the controversial MoMA Tower and a new Bryant Park tower, perpetually under-the-radar real estate firm Hines Interests is undertaking another major project, the New York Observer reported in a lengthy profile, by reviving the stalled 56 Leonard Street condominium project in Tribeca.
The Herzog & de Mueron-designed 57-story condo was first announced by developer Alexico Group a month before Lehman Brothers collapsed, and even sold four of its planned 145 units. But the recession took the plans for the building down with it, and the site currently has a foundation and little else. Typical of the understated firm, Hines refused to divulge much detail other than to say it would become another of Herzog & de Mueron’s “global landmarks.” … [more]
[Updated at 2:50 p.m. and 3:30 p.m. with most recent sales figures for the Laurel and a statement from Studley] Real estate investment firm Prudential Real Estate Investors has closed on its purchase of three separate commercial condominium units, including one parking garage, at the Alexico Group’s Laurel condominium building at 400 East 67th Street, according to public records filed with the city today. The units were acquired Aug. 24 for a combined $61.6 million, records show.
Alexico recently signed TD Bank as a retail tenant at the building. Quik Park, a parking facility, currently occupies one of the other lots. Quik Park wasn’t immediately available for comment.
Woody Heller, Will Silverman and Eric Negrin of Studley’s Capital Transactions Group represented Alexico in the transaction. Prudential handled the deal in house. … [more]
The penthouse in the Laurel, at 400 East 67th Street, was just sold for $11.23 million, public records show, and according to Victoria Logvinsky, the Prudential Douglas Elliman agent who represented the buyer in the sale, that is a record price for First Avenue.
While its difficult to substantiate that claim, information available from Streeteasy.com is consistent with it.
The 4,073-square-foot, four-bedroom, four-and-a-half-bathroom home was originally put on the market in March 2008, by the condominium’s developer, Alexico Group, with a $13 million asking price, according to Streeteasy.com. The price was dropped to $12.5 million 20 months later, before going into contract in June. — Adam Fusfeld … [more]
From left: 201 East 25th Street, 200 East 27th StreetForest Hills-based multi-family landlord Bronstein Properties bought Alexico
Group’s 89 unsold cooperative apartments in two Gramercy Park buildings at a
UCC foreclosure auction last week for $15.05 million.
Bronstein bought the shares securing 29 apartments at the 164-unit 201 East
25th Street, and 60 apartments at the 280-unit 200 East 27th Street, at the
auction July 21. The apartment buildings are a block away from each other on
In a UCC foreclosure, also known as a non-judicial foreclosure, the buyer
purchases an equity interest in a property, not the actual real estate as in a
The price comes to about $169,101 per apartment. … [more]
Dune Real Estate Partners has filed to foreclose on loans granted to the Alexico Group’s Mark Hotel at 25 East 77th Street by Anglo Irish Bank, according to public documents filed in State Supreme Court last month. Dune bought the loans earlier this year. Alexico’s Simon Elias and Izak Senbahar pledged the hotel and co-op building as collateral for a total of five Mark Hotel-related loans, all of which are now in default, according to the public foreclosure filing dated June 9. The loans include a pre-development one totaling $14 million in 2006, a building loan mortgage totaling approximately $60.78 million, dated 2007, a project loan totaling around $22.7 million, a $17 million supplemental building loan and a $6.3 million supplemental loan mortgage. All of these debts are accompanied by unpaid interest, late charges, protective advances, service fees and attorney expenses. … [more]
Fillmore Capital Partners filed a $21.1 million suit against Mark hotel developers Simon Elias and Izak
Senbahar of the Alexico Group, alleging the two defaulted on a mezzanine loan at the Upper East Side
The suit, filed Monday in New York State Supreme Court, claims the two developers guaranteed
repayment of a $25.8 million mezzanine loan from Dublin, Ireland-based Anglo Irish Bank in 2006, and
acquired by San Francisco-based Fillmore in May 2007.
The loan, amended in December 2007, allowed the developers to borrow up to $43.28 million and some
of the funds advanced towards the project, leaving a balance of $38.5 million, as of April 2009. Fillmore
says the borrowers waived their rights to make any claims against the lender, and agreed to guarantee
the lesser of $7.75 million or the unpaid balance of the loan.