New York University’s School of Continuing and Professional Studies is
consolidating its classrooms and offices and moving into the 12-story
Fairchild building at 7 East 12th Street, according to Crain’s. NYU
purchased the 122,000-square-foot property eight years ago for $5.8
million and has been using it for administrative offices since.
The Fairchild is now undergoing a renovation and redesign in
preparation for the move, which is unrelated to the university’s
recently-unveiled master expansion plans. [more]

From the February issue: Nothing says progress like Madoff. Late last month, The Real Deal broke the story that the Ponzi schemer’s Upper East Side penthouse finally appears close to a sale.
Listing brokers Anne Corey and Serena Boardman of Sotheby’s
International Realty have told interested agents that there is an
accepted offer on the 133 East 64th Street duplex. At press time, the
U.S. Marshals Service, which seized the property from the disgraced
financier, said the listing had not yet entered contract.
The sale (if it does clear the many obstacles of today’s market) may not be unqualified good news.
The penthouse’s asking price is $8.9 million, following a November
price chop of $1 million. It’s also been sitting on the market since
September.  [more]

Developer Gerard Longo, president of both Madison Estates and Properties and United Financial Services, is seeing improvements in Manhattan’s residential market, the developer told CNBC’s “Squawkbox.” His North Tribeca development at 55 Vestry Street, the Fairchild, is experiencing a sales uptick, especially from international purchasers who are taking advantage of the weak dollar, he said. These purchasers have an easy time buying at the upscale 21-unit former manufacturing spot, where prices average between $2.5 million and $3 million, because many are paying in cash. But domestic purchasers, even those who can’t foot the bill in cash-only deals, are getting back into the market as well. “It’s not just one silver lining,” Longo said. Financing is available to those willing to make a higher down payment of roughly 25 to 35 percent, he estimated.

Rolan Shnayder of Home Owners Mortgage, which has been lending in a number of new condo buildings that are less than half sold

From the October issue: New condos — the black sheep of the real estate industry for much of 2009 — are finally beginning to move again as construction progresses and developers find ways to circumvent stiff presale requirements for mortgages. For example, the Tempo condominium in Gramercy, which sat virtually buyerless for months after it went on sale in September 2008, sold 10 units this summer. In Lower Manhattan, District on Fulton Street sold 10 units in August alone. The Fairchild at 55 Vestry Street in Tribeca, which had sold only one unit in April and none in February or March, put five units in contract in August and even saw a bidding war, the developer said. “Deals are getting done at new developments,” said Stephen McArdle, the principal of brokerage Urban Marketing, which is handling sales at District. “We’re seeing activity. Six months ago you weren’t seeing anything. The fact that the bottleneck is open is very encouraging.”

The developers of the Fairchild, at 415 Washington Street, did not
follow the Landmarks Preservation Commission-approved blueprint when
constructing the building, Downtown Express reported. The building’s
elevator bulkhead is higher than it should be, the windows are
casements and the cornice is not designed as planned. The building
switched architects midway through the project, with Joseph Pell
Lombardi designing the building and architect Karl Fischer taking over
once construction had begun. After approval from the Landmarks
Preservation Commission, Lombardi changed the designs to incorporate
recommendations from the Board of Standards and Appeals, and he never
went back to the commission for further approval, Fischer said.
Lombardi said Fischer should have gotten the necessary approvals. The
Fairchild is owned by a group of investors that includes actor James
Gandolfini. [more]

According to the Post, actress Jessica Alba checked out a few
penthouses in the Fairchild, a 21-unit condominium on Vestry Street in
Tribeca, which recently partnered with Robert DeNiro’s Greenwich Hotel to use its amenities. The homes Alba and her family looked at had price tags of between $6
million and $9 million, and came with private balconies, terraces and
river views. Model Adriana Lima and her husband also recently looked at
a few penthouses in the Fairchild, where actor James Gandolfini already
bought a unit. The building is expected to be completed by the end of
the summer. [more]

Fairchild condo partners with Greenwich Hotel: The Fairchild condo in
Tribeca has partnered with Robert De Niro’s Greenwich Hotel. In the
partnership, Fairchild residents can access the hotel’s amenities,
including a 1,000-square-foot fitness center, spa and lounge. The
Fairchild has 21 units including two-, three- and four-bedroom
apartments, with prices ranging from $2 million to $9 million. TRD [more]

Gerard Longo is expanding his business to brownstone Brooklyn.

Marine Park-based residential brokerage Madison Estates and Properties
is expanding into brownstone Brooklyn and is planning a leap into
Manhattan. The 60-agent firm will open a new office in a renovated brownstone at
53 Douglass Street in Carroll Gardens by mid-June, according to Gerard
Longo, the firm’s president. The move doubles the number of company
offices from its lone location at 2922 Avenue R in Marine Park in the
southeastern section of Brooklyn. Longo said his aim is to take advantage of the down market to grow the name brand in the rest of Brooklyn. [more]