A trade group for New York’s affordable housing sector is urging Mayor Bill de Blasio to consider whether using union labor for inclusionary zoning projects will do any good, according to an op-ed from member Nancy Lepre. [more]
Posts Tagged ‘citibank’
A 113,000-square-foot commercial building in Koreatown that houses a Citibank branch has sold for $55 million, according to property records filed with the city yesterday.
The 17-story, 14-unit commercial property at 22-26 West 32nd Street, between Fifth and Sixth avenues, features 12,000 square feet of retail and 101,000 square feet of storage and office space. The Forest Hills, Queens-based buyer of the building operates as Montague Lee 32 LLC, or Lee Roosevelt Thirty Eight, according to property records. [more]
A building fire can create fear — not just for the safety of residents, but for the fate of the property itself. City Council member Mark Levine, who represents Upper Manhattan, said neighbors are concerned that a six-alarm blaze at a Citibank in Morningside Heights will lead to a high-rise building replacing it – thus disrupting the flavor of the neighborhood. [more]
UPDATED, 1:40 p.m., Nov. 13: ASB Real Estate Investments acquired a Chinatown commercial building for $61.9 million, the company said.
The Washington, D.C.-based firm made the purchase in a joint venture with fellow investment firm George Comfort & Sons, on behalf of ASB’s $3.1 billion Allegiance Fund. The six-story office and retail building at 164-168 Canal Street hit the market for $63 million in August, as The Real Deal reported. Massey Knakal Realty Services’ Nick Petkoff, Paul Massey and Robert Burton are handling the sale. [more]
Isaac Chetrit is in contract to sell an office building at 396 Broadway in Tribeca to an executive of investment firm Bridgeton Holdings, for $42 million, the buyer confirmed to The Real Deal today.
The deal brings an end to several different plans Chetrit had for the 10-story prewar building, which he purchased in 1994 for $1 million after foreclosure proceedings against former owner Fortune Smooth US Ltd. [more]
UPDATED, July 17, 3:19 p.m.: A Rapid Realty agent was arrested last week for allegedly bilking clients out of more than $5,000, DNAinfo reported.
Brian Fuller — who worked out of the Park Slope North office, at 177 Fourth Avenue, of the massive rental franchise — was charged with four counts of grand larceny and five counts of petit larceny. A criminal complaint filed by the Brooklyn District Attorney’s office alleged that the 25-year-old licensed salesperson took advantage of his clients’ naiveté. [more]
Low mortgage rates together with an influx of foreign capital have boosted New York City residential real estate sales in the past year or so, especially at the “super-high end” of the market. But that trend may create some unintended consequences.
Today’s Real Estate Trends panel, hosted by Citibank, shed light on the possible longer-term impact of the frothy market — for instance, buyers reluctant to sell when rates eventually do rise, and brokers’ reliance on European buyers, whose cash could dry up fast if the debt crisis on their home continent intensifies. [more]
In an effort to consolidate seven Midtown locations, Citibank renewed its 500,000-square-foot lease at 601 Lexington Avenue, the New York Observer reported. Citibank was previously interest in moving into a new office space during the downturn, according to unnamed Observer sources. [more]
Developer Sheldon Solow has lost a legal appeal to overturn a $98.9 million judgment against him in a suit brought by Citigroup in 2008, Bloomberg News reported.
Citibank filed the $86 million suit against Solow for allegedly failing to pay back loans and letters of credit issued in 2004 to finance a development project along First Avenue, between 38th and 41st streets. [more]
From left: Robert Nelson, owner of Nelson Management, William Mack, CEO of Area Property Partners, and the Boynton Lafayette Houses
Global One Real Estate Fund, an entity controlled by Robert Nelson of Nelson Development, has purchased the Lafayette-Boynton Houses, a middle-income rental complex in the Bronx, Nelson told The Real Deal today.
Global One paid Area Property Partners $51.5 million for the 972-unit property, according to city property records, in conjunction with a joint venture between L + M Development Partners and Citibank.
Nelson Development currently owns Hillside Homes, a 144-unit building on Seymore Avenue in the Bronx, and Atlantic Towers, a 718-unit complex on Atlantic Avenue in Brooklyn. … [more]
A group of Israeli investors is set to purchase the 1.5 million-square-foot Long Island City office tower One Court Square from SL Green Realty, sources told Real Estate Weekly. Among the investors is Joel Schreiber, owner of real estate investment firm Waterbridge Capital, and David Werner, a private real estate investor from Brooklyn.
SL Green took control of the property when it acquired the real estate investment trust Reckson in 2006, REW said. Citibank leases the entire 50-story building. The value of the transaction was not immediately clear, though the New York Post, which previously reported that the building was in contract, estimated it would close for slightly less than $500 million. … [more]
Citibank increased the pressure on disgraced title firm Titleserv in a new court filing alleging that $14 million in the bank’s loan funds controlled by the title firm were missing, the largest such claim since the government opened an investigation in April.
At the same time, Citibank’s filing put other lending and title institutions on notice that it wanted its money back, opening a troubling stage in the litigation in which the aggrieved parties fight one another over recoverable assets.
Citibank’s petition, filed in New York State Supreme Court Aug. 19, is the largest single accusation of lost funds made in a New York court by a former Titleserv business partner since the story broke in April that the national title agency would close its doors. Later that month, the Federal Bureau of Investigation raided the company’s Woodbury, L.I. headquarters. “After the FBI raid, Citi discovered that approximately $14 million of CitiMortgage loan funds that had been transmitted to the Titleserv escrow accounts were missing,” the petition, filed in New York State Supreme Court Aug. 19, says. … [more]
Banks are beginning to see the benefits of engaging in short sales,
the New York Times reported, because they expect to receive higher
returns. In New York and New Jersey it has become practically the only
alternative because a court order has forced banks to restructure
their mortgage procedures, halting the foreclosure process. Short
sales are also a less stressful experience for homeowners than
foreclosures, since those take longer and have a significant effect on
the credit rating. New Jersey is the state with the
fourth-highest percentage of delinquent loans. … [more]
Aby Rosen’s RFR Holding is looking to unload a 49 percent stake in the landmark Seagram Building at more than $2,000 per square foot. According to the Post, the record price per square foot for an office building was set at $1,585 in 2007 with the sale of 450 Park Avenue, and while prices have rebounded somewhat since the real estate crash, such a price is untested in today’s market. “If you want to test the strength of the market, it’s certainly the building with which to do it,” said Woody Heller, head of capital transactions group at Studley, which is not marketing the building. … [more]
Supreme Court judges in New Jersey have ordered six major lenders to prove that their foreclosure practices are legitimate or else be blocked from proceeding with uncontested cases against homeowners in the state, according to the Wall Street Journal. The banks included in the order — Ally Financial, Bank of America, Citibank, JPMorgan Chase, OneWest Bank FSB and Wells Fargo — accounted for almost half of all foreclosure filings in the state this year. … [more]
Lender Citibank filed suit last week to recover a nearly $100,000 business line of credit it claims Downtown Islamic center developer Soho Properties has failed to repay. Citibank says Soho Properties and its chairman Sharif El-Gamal have not repaid the loan of $99,489.87, according to a lawsuit filed in New York State Supreme Court Nov. 24. “Soho borrowed funds from the business credit account for which payment was never made,” the court filing says. The date of the loan was not provided, nor was the date of when the loan went into default. … [more]
Outspoken retail broker Faith Hope Consolo kept an early-morning audience on the 14th floor of Midtown’s 601 Lexington Avenue entertained and often laughing for nearly an hour with her borscht belt swipes at New Jersey and Staten Island and market analysis of store needs in the Financial District, among other topics.Consolo, chairman of retail leasing and sales at Prudential Douglas Elliman, told the crowd of about 50 gathered for the breakfast seminar sponsored by Citibank Commercial Banking that she was glad to be working in New York City, despite the recent downturn.“I hate that word, ‘recession.’ The ‘slowdown’ made us reset — reset our minds, our expectations and really go out and find lots of new players for this market,” she said.But while some shopping corridors such as Fifth Avenue in the 50s and Madison Avenue in the 60s remain stable or have recovered after declining during the recession, many of the secondary markets remain weak. One example she cited was West Broadway in Soho.“West Broadway itself has always been a struggling thoroughfare. One or two blocks are good and the others have been a revolving door,” she said. “Those side streets have suffered a lot and I don’t see them filling in until we plug up some of the other holes.”She continued, “When you have options [such as Flatiron or Ladies' Mile] with rents [store owners] can deal with, retailers are going to go for the sure thing,” she said.Further downtown, in the Financial District, Consolo said it was difficult to place tenants because of the type of available locations.“Our challenge there is many of the spaces are very, very large. They are not for every kind of retailer and they don’t divide well,” she said.“Do you know what they really need down there? I know it is not the time, [but] they need a bookstore, a big bookstore right in that area,” she said.And she was a booster for Manhattan, Brooklyn and Queens, but spent only a little time thinking about retail in the Bronx and Staten Island.“Staten Island… I have no idea what they do there [in retail]. It’s like a path to [New] Jersey, I guess. Let’s not even talk about Jersey because they have made that state an embarrassment. I think it’s something about the water,” she said.And she was not done with New York’s neighbor.“Do you believe that reality show ["Jersey Shore"]? And they are paying those people. I’ve got to get another job, and if this doesn’t work out I am going to do comedy,” she said.
Citibank has filed for an injunction against the former Toy Building to
block the landlord, Yitzchak Tessler, from … [more]
Two non-profit housing organizations have teamed up to transform foreclosed and abandoned homes into affordable housing. Habitat for Humanity, which has built more than 350,000 houses for impoverished families worldwide since its founding in 1976, and National Community Stabilization Trust, a federally sponsored initiative that revitalizes neighborhoods badly damaged by the foreclosure crisis, will partner for two years to purchase and rehabilitate the “REOs” or real estate owned properties. The homes will be purchased from participating lenders, including Bank of America, Chase Bank, Citibank, Fannie Mae and Freddie Mac, through funding from the U.S. Department of Housing and Urban Development, … [more]
A fund that won a $3.9 million judgment in September against embattled developer Kent Swig is seeking to enforce its priority claim on certain of Swig’s assets, and prevent competing creditors who are owed a total of nearly $50 million from getting to them first.
The fund, affiliated with Midtown-based investment firm RCG Longview, sued Swig as an individual, as well as five of his creditors, to force a turnover of eight assets to repay a $3.9 million debt, a petition filed Jan. 7 in New York State Supreme Court says. In the same filing, the fund alternately asked the court to turn the assets over to a sheriff or put them in the hands of a receiver.
But a main goal of the suit was to make sure the other five creditors did not get their hands on the assets before the fund named RCG LV Debt IV Non-REIT Asset Holdings, did. The attached chart includes lenders and other creditors who have won court judgments against him. … [more]