While the One Madison Park condo development has faced numerous fiscal foibles in the last year, New York Times architecture critic Nicolai Ouroussoff has declared it a triumph. As The Real Deal reported earlier this month, the development’s creditors are aiming to force One Madison into bankruptcy over $12 million in unpaid loans. But financial troubles haven’t taken the luster off of the development, which Ouroussoff described as “a dazzling addition to [its] street.” Discount buyers at the building at 23 East 22nd Street, developed by Slazer Development, also faced legal hurdles, facing a lawsuit filed in May that included more than 80 defendants. [NYT]
Posts Tagged ‘attorney general’
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While the One Madison Park condo development has faced numerous fiscal foibles in the last year, New York Times architecture critic Nicolai Ouroussoff has declared it a triumph. As The Real Deal reported earlier this month, the development’s creditors are aiming to force One Madison into bankruptcy over $12 million in unpaid loans. But financial troubles haven’t taken the luster off of the development, which Ouroussoff described as “a dazzling addition to [its] street.” Discount buyers at the building at 23 East 22nd Street, developed by Slazer Development, also faced legal hurdles, facing a lawsuit filed in May that included more than 80 defendants. [NYT]
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Barry Slotnick and One Madison ParkThe developers of One Madison Park have been hit by a potentially serious new legal maneuver, as three creditors, including a Queens-contractor, filed a petition to throw the building into involuntary bankrupt [more]
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Barry Slotnick and One Madison Park
The developers of One Madison Park have been hit by a potentially serious new legal maneuver, as three creditors, including a Queens-contractor, filed a petition to throw the building into involuntary bankrupt [more]
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Barry Slotnick and One Madison Park
The developers of One Madison Park have been hit by a potentially serious new legal maneuver, as three creditors, including a Queens-contractor, filed a petition to throw the building into involuntary bankrupt [more]
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Prudential Douglas Elliman’s Ilan Bracha and AzureThe Upper East Side luxury cond-op that was the site of a deadly crane collapse in May 2008 has been officially declared effective by the state attorney general, according to [more]
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Prudential Douglas Elliman’s Ilan Bracha and Azure
The Upper East Side luxury cond-op that was the site of a deadly crane collapse in May 2008 has been officially declared effective by the state attorney general, according to [more]
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Attorney General Andrew Cuomo can proceed with his lawsuit accusing First American of inflating home values under pressure from Washington Mutual, a state appeals court ruled, according to Bloomberg news. Neither federal law nor rules of the Office of Thrift Supervision bar Cuomo from suing First American and its eAppraiseIT unit, which provides appraisals for the mortgage lending and servicing industries, the Manhattan appeals court said. “We conclude that neither federal statutes, nor the regulations and guidelines implemented by the OTS, preclude the Attorney General of the State of New York from pursuing litigation,” Judge Luis Gonzalez wrote in the unanimous decision. EAppraiseIT gave in to demands for higher appraisals to secure more of Washington Mutual’s business, Cuomo said, when he sued in 2007. A First American spokesperson disputed Cuomo’s allegation at the time. First American reincorporated June 1 under the name CoreLogic, as part of the separation of First American Financial and CoreLogic into independent, publicly traded companies, according to a company statement. [Bloomberg]
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The Livmor
After launching sales four months ago, 50 percent of the units at the Livmor condo at 301 West 115th Street on the corner of Frederick Douglass Boulevard are under contract, according to developer, Livmor Development. Subsequently, the New York State attorney general’s office declared the 72-unit building’s offering plan effective this week. The Federal Housing Administration-approved building includes one-, two- and three-bedroom homes, ranging in price from $500,000 to $1.4 million. TRD
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Click image for larger versionThe number of residential projects being developed as condominiums or cooperatives in Manhattan will remain low for the foreseeable future, new figures obtained from the New York State Attorney General’s office show.
Offering plans that were either submitted to or accepted by the attorney general’s office in the first quarter of 2010 were down by more than two-thirds from the same period two years ago, meaning the number of condo projects going forward will be just a fraction of those during the run-up of the market before the credit collapse.
Sponsors submitted fewer than a dozen offering plans in the first quarter of 2010, down 74 percent from 45 in the first quarter of 2008, and just nine plans were accepted in the first quarter, down 67 percent from the 27 accepted in the first three months of 2008, data obtained through a state Freedom of Information Law request revealed. The information did not include the number of plans that were rejected or withdrawn. [more]
