The Real Deal New York

Posts Tagged ‘blackrock’

  • From left: Blackstone's Jon Gray, O'Connor's Glenn Rufrano and 200 East 62nd Street

    From left: Blackstone’s Jon Gray, whose company is financing the purchase, O’Connor’s Glenn Rufrano and 200 East 62nd Street

    A partnership between the California Public Employees’ Retirement System, the largest private pension fund in the U.S., and investment management company GID is in contract to sell an Upper East Side rental complex for approximately $240 million, The Real Deal has learned. [more]

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  • From left: Ocwen president Faris and

    From left: Ocwen president Ronald Faris andChris Katopis

    Mortgage investors are planning to relay their distaste for embattled servicer Ocwen Financial in a letter to trustees and master servicers.

    Investors sent out a Twitter message this week about a forthcoming letter in regards to Ocwen’s “servicing abuses.” Ocwen, one of the largest subprime loan servicers in the U.S., was accused last month by funding giants BlackRock and Pimco of handing residential mortgage improperly. [more]

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  • ronald-faris

    Ocwen’s Ronald Faris

    Atlanta-based mortgage service Ocwen Financial Corp. did not fare as well as underwriters had hoped in a new debt offering. Nearly $124 million was raised from the sale of bonds affiliated with fees from managing government-backed mortgages. Underwriters projected funds would be closer to $136 million. Mortgage-servicing rights secure the notes.

    “Servicing is an expensive business where companies that try to cut costs may find themselves in regulatory hot water,” policy analyst Jaret Seiberg of Guggenheim Securities LLC’s Washington Research Group said, as Bloomberg News reported. [more]

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  • From left: Ocwen's

    From left: Ocwen’s Ronald Faris, BlackRock’s Laurence Fink and Pimco’s Mohamed El-Erian

    In an abrupt change, BlackRock and Pimco are contemplating filing suit against Ocwen Financial for improperly handling residential mortgages. [more]

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  • shake-shack

    From left: Shake Shack at Madison Square Park, 600 Third Avenue and Danny Meyer

    Celerity chef Danny Meyer’s Union Square Hospitality Group signed a 15-year lease for the tenth outpost in the city of his fast-expanding burger chain, Shake Shack. The latest location is in an office tower in Midtown East. [more]

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  • 36694615

    Sonny Bazbaz and 101 West 87th Street

    WEEKENDEDITION Not every developer is aiming for a record setting price per square foot or the tallest residential buildings. Some trend-bucking developers are focusing on building moderately priced Manhattan apartments, without skimping on the amenities. [more]

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  • Bruce Menin and 165 East 66th Street

    Bruce Menin and 165 East 66th Street

    A partnership between the California Public Employees’ Retirement System, the largest private pension fund in the U.S., and investment management company GID has sold an Upper East Side rental complex it acquired in 2006, The Real Deal has learned exclusively. [more]

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  • Credit: Crain’s

    Companies such as BlackRock, Angelo Gordon & Co and Starwood Capital are beginning to sell off shovel-ready development sites they bought on the cheap when the economic downturn hit, Reuters reported.

    These money managers, who purchased cheap plots of residentially zoned land in bankruptcy proceedings from troubled developers, are seeing returns in excess of 20 percent on their investments, thanks to the ever-increasing value of land. [more]

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  • Sherry Rexroad

    From the July issue: Investment management giant BlackRock last month hired Aviva Investors’ Sherry Rexroad as Chief Investment Officer for its new BlackRock Global Real Estate Securities platform. Rexroad previously served as Aviva’s senior portfolio manager of real estate investment trusts for the Americas (note: correction appended).

    The Manhattan-based group will invest in real estate investment trusts and real estate operators across the globe, Rexroad told TRD, adding that it will be “a marriage of a fundamental equity team and a real estate team.” [more]

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  • Sherry Rexroad

    Multi-national investment management giant BlackRock has tapped Sherry Rexroad, the former senior portfolio manager of real estate investment trusts for the Americas at Aviva Investors, to oversee a new real estate investment platform, according to Bloomberg News.

    Rexroad, who will report to Mark Howard-Johnson, the head of BlackRock’s real estate securities group, has taken the title of chief investment officer at the firm. She will focus on seeking out for trends and investment opportunities in real estate securities, a BlackRock statement said. [more]

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  • Tenants of Stuyvesant Town and Peter Cooper Village have received an alternative partnership offer just days after it was revealed they had partnered with Brookfield Asset Management to explore buying the properties, Crain’s reported.

    A partnership between developer Gerald Guterman and Westwood Capital issued letters to tenants today, reminding them of a proposal Guterman and Westwood sent them in 2010. The duo’s plan involves converting all units in the complex to co-ops, which the tenants would then buy for close to $175 per square foot. … [more]

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  • Stuyvesand Town and City Council member Daniel Garodnick

    The tenant association for Stuyvesant Town and Peter Cooper Village voted yesterday to partner with Brookfield Asset Management to explore buying the properties, the New York Times reported. The association is aiming to convert the complexes, with 11,232 apartments in total, into an affordable condominium or cooperative in a plan that could see residents choose to buy their apartments or remain as rent-regulated tenants.

    The tenants are hoping that the lenders who control the property, who are represented by CW Capital, will sell it to them rather than someone who may wish to displace the properties’ long-term residents, the Times said. … [more]

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    Stuyvesand Town and City Council member Daniel Garodnick
    The New York state appeals court ruled today that tenants in the blockbuster lawsuit at Stuyvesant Town and Peter Cooper Village will be able to pursue millions in rent overcharges, tossing a move to dismiss the case by MetLife, the original landlord of the Manhattan complex (note: correction appended).

    In 2007, Stuy Town residents, led by tenant Amy Roberts, filed a class action suit against Tishman and the previous landlord, Metropolitan Life, alleging they illegally deregulated apartments while receiving J-51 tax benefits, which are designed to help landlords renovate apartment buildings in return for keeping rents affordable.

    The decision means that thousands of current and former tenants will be able to pursue more than $215 million in excess rent that was paid to previous landlord Tishman Speyer or MetLife, which had sold the complex to Tishman.
    [more]

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  • [Updated at 2:30 p.m.] When Boston-based real estate investment firm the Rockpoint Group announced that it had sold its stake of Park Avenue Plaza at 55 East 42nd Street earlier this month, the company declined to reveal how much it had received for the sale — but in New York City, secrets don’t stay secret for long.

    According to public records filed with the city yesterday, Rockpoint received a massive $569.1 million for its 49 percent share of the 1.2 million-square-foot plaza plus another building at 49 East 52nd Street. The company was represented by CBRE, according to data from Real Capital Analytics. The buyer, Soho China, provided a residential address at 1185 Park Avenue, the same building where JPMorgan CEO Jamie Dimon resides.

    Tenants at Park Avenue Plaza currently include BlackRock, McKinsey & Co. and Swiss Re., it was previously reported. Rockpoint bought into the building last year for around $330 million or $570 per square foot. — Katherine Clarke[more]

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  • New York Attorney General Eric Schneiderman is asking for information about the $8.5 billion settlement agreed to by Bank of America and representatives of 22 large investment firms, according to the New York Times, an indication that he may challenge the deal.

    Last month, BofA agreed to pay $8.5 billion to investors nationwide to settle claims that it sold bad mortgages. The settlement covers 530 trusts with an original balance of $424 billion, and is scheduled to be approved by a court Nov. 17.

    Letters sent by Schneiderman’s office to the firms that agreed to the settlement address concerns that the deal may have been struck without full cooperation from all investors who would be affected by its terms. … [more]

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    From left: Yair Levy, Rector Square (source: PropertyShark) and Attorney General Eric Schneiderman

    A state Supreme Court judge has ordered developer Yair Levy to pay $7.4 million in restitution to the Rector Square condominium and permanently banned him from selling real estate in New York state.

    Judge Joan Lobis found last month that Levy defrauded the Battery Park City condo conversion, spending millions of dollars in reserve fund money on illegal personal and general business expenses, including charge card accounts, mobile phone bills and writing checks to family members.

    The judgment permanently bans Levy from selling condos or co-op projects in New York state, virtually ending a career lasting more than 30 years in the U.S…. [more]

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  • From left: Winston Fisher, a partner with Fisher Brothers, Park Columbus and Doug Harmon of Eastdil Secured

    A joint venture between Fisher Brothers, BlackRock and a California pension fund won the 95-unit Upper West Side apartment building Park Columbus with a bid of $48 million in a bankruptcy auction this morning.

    In March, embattled developer Yair Levy lost the building located at 101 West 87th Street that he had tried to convert to condominiums, in foreclosure to Garrison Residential Funding. The mortgage and other debts totaling $52.6 million will be wiped out once the closing occurs, court records show.
    Fisher Brothers, a major Midtown-based commercial and residential property owner, partnered with investment firm BlackRock and California State Teachers Retirement System, to place the minimum bid in November. Winston Fisher, a partner with Fisher Brothers, declined to comment…. [more]

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  • Stuy Town auction postponed

    October 04, 2010 07:42PM
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    Stuyvesant Town

    [Originally posted: 11:25 a.m.] The highly anticipated foreclosure auction for Stuyvesant Town and Peter Cooper Village, which, after a closely watched legal battle between its creditors, was originally scheduled for today, has been delayed until Oct. 13, CWCapital said. The special servicer, which is handling the sale for the complex’s senior lenders, would not comment on the reason for the postponement, but said in a statement that “this brief delay will not impact the transition of property management or the stability of the property.” Last week, a panel of New York State appeals court judges denied a request by junior creditors Pershing Square Capital Management and Winthrop Realty Trust to block today’s foreclosure sale…. [more]

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    Stuyvesant Town

    The three senior creditors for the Stuyvesant Town/Peter Cooper Village apartment complex are expected the buy the properties at a foreclosure auction on Monday, according to Crain’s. The senior lenders, represented by special servicer CWCaptial, currently hold the complex’s $3 billion mortgage. While the mezzanine lender upstart partnership between Pershing Square Capital Management and Winthrop Realty could pose a challenge, it’s considered unlikely that they will — the team would have to bid more than the senior debt’s $3 billion face value in order to acquire the complex, which is currently valued at $1.9 billion…. [more]

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  • Judge rules for Stuy Town senior lender

    September 16, 2010 06:30PM

    Despite efforts made by junior debt holders Pershing Square Capital Management and Winthrop Realty Services, the senior lenders on Stuyvesant Town and Peter Cooper Village will be allowed to proceed with a planned foreclosure auction, according to Crain’s. The ruling, handed down today by a New York State Supreme Court judge, blocks the junior lenders’ attempt to wrest control of the properties from the CW Capital-represented primary bond holders. Sources say that the junior lender partnership plans to appeal the decision. The controversy over Stuyvesant Town’s future began after owner Tishman Speyer defaulted on its loan this year for the residential complex, which it purchased for $5.6 billion in 2006. [Crain's]

    [more]

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