From left: Jeffrey Gural of Newmark Knight Frank, Jeffrey Levine of Douglaston Development, David Weprin, Joe Sitt of Thor Equities and Frank Sciame, Jr. of F.J. Sciame Construction

Today, state Assemblyman David Weprin will get the nod from the
Democratic Party to run for Anthony Weiner’s old seat in Congress, which
he is expected to win.

And even though that seat, New York’s 9th, probably won’t be around for
long — population changes will likely force the state to phase it out in 2012
– some real estate executives are happy to have somebody they have close
ties to representing them in Washington, even for the short-term.

“He’s a good guy, and I don’t think the real estate industry has anything to
worry about,” said Jeffrey Gural, chairman of Newmark Knight Frank, who
contributed $2,000 to Weprin in 2010 for his assembly race, according to
campaign finance records. [more]

From left: Jeffrey Levine, chairman of Douglaston Development, and his condo the Edge, developer Louis Greco, and his be@Schermerhorn

[Updated June 6, 2011 at 1:45 p.m. with detailed sales figures] Sales at the the Edge in Williamsburg have picked up rapidly, and in the past four months alone, the condominium has sold more units than any New York City residential building did in all of 2010. According to MNS, the brokerage formerly known as TDG/TREGNY which is exclusively marketing the development, the Edge garnered 144 signed contracts between Jan. 1, 2011 and June 1, 2011, including an average of more than 32 per month between February and May (see chart after the jump for a breakdown of sales by month). Granted the Edge is more than twice as big, but those sales numbers already shatter the figures posted by last year’s fastest selling building, according to PropertyShark.com, be@Schermerhorn, which sold 121 units out of 246 in the calendar year.

Now, 234 of the Edge’s 565 units have closed, and 61 are in contract, according to MNS. The firm told The Real Deal that the building’s location and amenities package, which includes an array of sports and spa facilities, have appealed to buyers.

[more]

Jeffrey Levine of Douglaston Development talks to Core’s Shaun Osher about his life as a developer and the Edge, the developer’s North Williamsburg waterfront condominium complex, in the video above. Levine says in the last six months, over 120 apartments have sold at the project, which the Developers Group has marketed since inception. The Real Deal reported in the beginning of the month that 165 units of the two buildings’ combined 565 residences, or 30 percent, have closed thus far, and over 100 more are in contract. The Woolworth Building, Levine tells Osher, is his favorite building in the world. [more]

The Edge, the North Williamsburg waterfront condominium complex by Douglaston Development, has hit the 50 percent sold mark. According to an announcement from the developer, 165 units of the two buildings’ combined 565 residences, or 30 percent, have closed thus far, and over 100 more are in contract. According to Highlyann Krasnow, who is heading up the Developers Group’s marketing efforts for the project, the current sales pace is at around 25 units per month, and the team is hoping for an uptick once the Edge’s water taxi service to and from Manhattan kicks off this summer. TRD [more]

Click to enlarge image

From the March issue: Two years ago, the Magic 8-Ball for Williamsburg condo developers would have read, “Try Again Later.” With condo inventory peaking at almost 700 units in February 2009 (according to StreetEasy), developers and brokers in the throes of the recession were grappling with a stock of residential units roughly three times the size of early 2007′s. It wasn’t a good time to open a building. But now some brokers say the dust has settled, and inventory in the neighborhood, once the poster child for the condo glut, is actually tightening. “I’m seeing my listings shrink; I’m seeing my inventory shrink,” said David Maundrell, president of aptsandlofts.com. [more]

The townhouse at 81 Barrow Street and Jeff Levine

Developer Jeff Levine has purchased a West Village townhouse for $12.75 million, according to city records filed yesterday.

Levine, founder and chairman of Douglaston Development and Levine Builders, and his wife Randi, purchased a 25-foot-wide elevator townhouse at 81 Barrow Street, on the market for $15 million with Prudential Douglas Elliman’s Leonard Steinberg and Vickey Barron.

Douglaston Development is currently in the process of marketing the Edge, a massive two-phase condo project on the Williamsburg waterfront. [more]

From left: Adam Leitman Bailey, the Edge and its developer, Jeffrey Levine of Douglaston Development

At least nine apartment buyers, represented by attorney Adam Leitman Bailey, are now trying to back out of their contracts at the Edge, a 575-unit condominium at 22 North 6th Street on the Williamsburg waterfront. Bailey, who just won a similar case at the Brompton on the Upper East Side, is using the Interstate Land Sales Full Disclosure Act to fight for his clients, Curbed first reported. “Our client purchasers at the Edge are entitled to a full refund of their deposit and to rescission of their purchase agreements,” Bailey said in a statement. TRD [more]

Glenwood Management is in contract to buy a parcel of land across from Fordham University’s Lincoln Center campus for $100 million and has plans to build a high-rise residential tower there, sources told Crain’s. The Amsterdam Avenue property is near the site of another proposed residential tower, for which Fordham had been seeking proposals from developers — including Jeffrey Levine of Douglaston Development — until a recent deadline. [more]

The Real Deal went party hopping last night. First, we chatted up the guests at the Friends of the Israeli Defense Force Real Estate Division Reception at Gotham Hall honoring Ofer Yardeni, managing partner and co-founder of Stonehenge Partners. Then, we dropped by the Setai Hotel and Residences at 400 Fifth Avenue, where three separate 58th-floor units were decorated in honor of classic films: “Six Degrees of Separation,” “Something’s Gotta Give” and “Wall Street” (see photo gallery above). [more]

From left: City Council member Steven Levin with Douglaston Development chairman Jeff Levine and the Steiner Studio party

The Real Deal swung by Williamsburg last week for the “Hardcore House Party” grand opening at Douglaston Development’s the Edge, where the waterfront building’s shiny new amenities — among them, a pool, spa, basketball court and party lounge — were on display. Also last week, The Real Deal hit the Steiner Studios party in the Flatiron District, where film industry players collided with real estate bigwigs to eat, drink and dance among a plethora of go-go dancers.

[more]