Former Finance Commissioner Martha Stark and the exterior of 333 East 102nd Street (credit: PropertyShark)

Former city Finance Commissioner Martha Stark allegedly secured a cut-rate East Harlem apartment from Glenwood Management for a woman with whom she was romantically involved after the Finance Department gave Glenwood a 30 percent reduction in its tax bill at an Upper West Side building in 2007, the New York Post reported. Stark’s partner, who the Post did not name, moved into Hampton Court at 333 East 102nd Street two weeks after the reduction went through. [more]

From left: Leonard Litwin and Liberty Plaza

The Real Estate Board of New York has named Leonard Litwin, president and CEO of Glenwood Management, REBNY’s first-ever lifetime honorary chairman, according to a news release issued today by REBNY.

“He’s worked over the years tirelessly for the benefit of the industry, working both with REBNY and rent-stabilization organizations,” Gary Jacob, an executive vice president at Glenwood, told The Real Deal. “This was an effort by Steven Spinola and REBNY to recognize the contribution he’s made to the city and the real estate industry. He’s very pleased that they’ve done so,” Jacob said of Litwin. Jacob said Litwin wasn’t available to comment. [more]

From left: Sam Zell of Equity Residential, Bob Toll of Toll Brothers, Will Silverman, Woody Heller, both of Studley, and 400 Park Avenue South

In the most expensive development site deal of the year so far, home builder Toll Brothers and real estate investment trust Equity Residential partnered in reportedly paying $134 million for a large development site at 400 Park Avenue South.

The joint venture plans to build a 40-story condominium and rental apartment tower at the Park Avenue South and 28th Street site, which has 400,000 square feet of development rights, the companies said in a statement.

Sam Zell’s Equity Residential will own and operate the lower 22 floors with 265 rental apartments and retail, while Toll Brothers will build and sell about 100 condo units on the upper floors, the Wall Street Journal reported. [more]

Glenwood Management has purchased another plot of land from Fordham University, according to a recent property transaction filed with the city today.

The company bought a vacant development site at 165 West 60th Street, between Ninth and Amsterdam avenues, for $75 million, the filing shows, adding to its portfolio of former Fordham sites. Glenwood is said to be planning a massive 54-story residential tower at an adjacent lot at 160 West 60th Street.

Gary Jacob, executive vice president at Glenwood, declined to comment on the acquisition, which closed Sept. 23. A representative for Fordham was not immediately available for comment. [more]

From left: 900 Fifth Avenue, 500 East 77th Street and 2 Fifth Avenue (building credit: PropertyShark)

More than fifty years after coming into vogue, white brick buildings are proving costly to present-day New York City residents. According to the New York Times, the white bricks, which were specially glazed to keep inner walls dry while ensuring dirt slid off during rainstorms, are cracking and necessitating costly repairs.

That’s because water eventually slipped in, and the glaze prevented evaporation allowing the winter freeze-and-thaw cycle to wreak havoc on the exterior.

“This was actually a ploy to make the buildings quote-unquote more waterproof and it’s backfired big time,” said Jon Colatrella, the survey team leader at Rand Engineering and Architecture. [more]

The stalled Clinton site and Glenwood’s Gary Jacob

Glenwood Management intends to bring a mixed-use development to a site on the West side of Eighth Avenue between 46th and 47th streets, after buying the mortgages and keys to the site, originally owned by Tribeach Holdings, the New York Post reported.

“We’re definitely not using [Tribeach's] plans,” said Glenwood’s Gary Jacob. “We’re going to work on a mixed-use property with retail and high-end rentals.” While there is still a possibility of adding air rights, Jacob noted it is still in the very early stages of their planning.

As The Real Deal previously reported, Tribeach had accumulated enough buildings and air rights to construct a 38-story condo hotel but for a long time was not able to proceed. “There’s no way I could sell it now,” Tribeach’s William Fagen told the Post in 2009, “because it would wipe out my equity.” [more]

Glenwood Management has acquired a stalled Midtown West development
site for $76.3 million after purchasing the distressed mortgage last
year and suing to foreclose on the original developer.

The site, on the west side of Eighth Avenue between 46th and 47th
streets, was originally conceived of as a 38-story hotel and
condominium tower by Tribeach Holdings, but work stalled in late 2008 when the economy began to slump.
[more]

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]

New residential developments are slowly turning a stretch of Hell’s Kitchen from one of the largest patches of undeveloped land in Manhattan into a vibrant enclave, according to the Wall Street Journal.

In the last three years, MiMA, a rental and condo building by Related on 42nd Street and 10th Avenue, Emerald Green, a 569-unit development on West 38th Street between Eighth and Ninth avenues and 455W37 and 505W37, TF Cornerstone projects on West 37th Street near 10th Avenue, have all come to the neighborhood. Construction is underway on more projects, the Journal said, including a rental building by Glenwood Management at 330 West 39th Street. [more]

The first quarter of 2011 saw a steep decline in investment sales in New York
City compared to the last three months of 2010, but the dollar volume for the
whole year is expected to surge over last year, Robert Knakal, chairman of
commercial brokerage Massey Knakal Realty Services, said.

He predicted the total volume of investment sales would jump to as much as $22
billion this year from $14.5 billion in 2010.

“We believe the dollar volume will increase by 40 to 50 percent over 2010 levels,”
Knakal said at the firm’s quarterly press briefing at its Midtown headquarters this
morning. [more]