The Real Deal New York

Posts Tagged ‘hsbc’

  • 330 Madison Avenue

    330 Madison Avenue

    UPDATED: 6:04 p.m., Jan. 14, 2013

    A handful of big-name financial firms leased space in the relatively lackluster office tower 330 Madison Avenue, despite rising rents.

    New tenants include Abbott Downing, a subsidiary of Wells Fargo; Tiger Legatus Management, a spinoff of the hedge fund giant Tiger Management; Kokino, a wealth management firm; and Chimney Rock, a boutique investment firm. Although landlord Vornado Realty Trust, the city’s largest commercial owner, is asking more than $80 per square foot in some spaces, each company picked up 5,000 square feet of space on varying floors. London-based bank HSBC leased 75,000 square feet at the end of 2013. [more]

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  • From left: Vornado's Glen Weiss, 330 Madison Avenue and JLL's Peter Riguardi

    From left: Vornado’s Glen Weiss, 330 Madison Avenue and JLL’s Peter Riguardi

    London-based bank HSBC is bucking the current trend among financial firms of in the city of shaving space, and is instead adding a total of 75,000 square feet to their Madison Avenue outpost. [more]

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  • From left: Eric Schneiderman and HSBC's Stuart Gulliver

    From left: Eric Schneiderman and HSBC’s Stuart Gulliver

    New York Attorney General Eric Schneiderman said today that he is suing bank HSBC Holdings Plc for breaking foreclosure law and putting New Yorkers at greater risk of losing their homes, according to Crain’s.

    A state investigation found that HSBC left homeowners facing foreclosure by failing to meet requirements for giving them an opportunity to negotiate loan modifications, according to Schneiderman’s office. [more]

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  • The site of the 2008 crane collapse

    Developer James Kennelly is facing a new round of legal woes, as a bank has filed suit to foreclose on his co-op apartment on East 52nd Street, just steps from the site of the deadly 2008 crane collapse at his residential tower project in Turtle Bay. HSBC, the loan trustee, filed suit in New York State Supreme Court — alleging that in August 2010, Kennelly defaulted on a $441,900 loan on an apartment at 304 East 52nd Street. Lawyers for HSBC are asking that the shares in the co-op be sold if the case proceeds to formal judgment. Kennelly first acquired a third-floor unit at the four-story building for $600,000 in March 2006, Propertyshark records show. The next month, he acquired a second-floor unit for $325,000 and, several months later, a fourth-floor unit for $738,000. … [more]

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  • From left: Darcy Stacom and William Shanahan, vice chairmen at CBRE, and 4 New York Plaza

    A partnership between HSBC Alternative Investments and Edge Fund Advisors has purchased the Lower Manhattan office tower 4 New York Plaza for $270 million, Bloomberg reported. The property, sold by Harbor Group International, is located near Water and Broad streets.

    The building measures 1.1 million square feet in space and 22 stories in height. Bloomberg said it was purchased on behalf of the London-based HSBC Club Programme. [more]

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  • Borders going out of business

    A closing Borders

    Online shopping, steep Manhattan rents and tight margins are changing the face of New York City’s big-box retail chains, according to the Wall Street Journal. Now that Borders is gone and with Circuit City, Best Buy and Barnes & Noble scaling back, landlords are readapting their buildings for smaller tenants. [more]

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  • Having punished the five largest mortgage servicers for their foreclosure practices to the tune of a $25 billion settlement, federal regulators are now setting their sights on the next tier of financial firms whose methods are increasingly coming under fire.

    According to the New York Times, the Federal Reserve has recommended fines for eight more firms: HSBC’s U.S. division, SunTrust Bank, MetLife, U.S. Bancorp, PNC Financial Services, EverBank, OneWest and Goldman Sachs. [more]

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  • A rendering of 3210 Riverdale Avenue

    HSBC Capital will face off with developer Michael Waldman this morning, after he filed a $40 million lawsuit to block the sale of a defaulted mezzanine loan at his Bronx condominium project.

    Waldman, a boutique developer behind Harlem’s Walden, alleges that HSBC cut off funding for his project at 3210 Riverdale Avenue in the Bronx, and that he has spent more than $7 million of his own funds to nearly complete the property. [more]

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  • MetLife is actively lending, providing a $350 million, five-year, fixed-rate mortgage for a joint venture between affiliates of Edge Fund Advisors and HSBC Alternative Investment at the Bertelsmann Building at 1540 Broadway through its real estate investments department among other investments, the company announced today.

    “We are pleased to be providing financing for such a high quality asset as 1540 Broadway,” said Robert Merck, senior managing director and head of real estate investments for MetLife. “We originate, underwrite and manage each investment with a long-term view, and we are well positioned to identify and complete attractive financing opportunities in top-tier markets such as New York.” — Katherine Clarke[more]

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  • HSBC Alternative Investments and Edge Fund Advisors said today that they have bought out the remaining 51 percent stake in the Bertelsmann building at 1540 Broadway, in an off-market transaction. The partners bought 49 percent of the building from CB Richard Ellis in November 2010, in a deal valued at $254 million, or $575 per square foot. CBRE had previously acquired the property in a fire sale from Macklowe Properties. Terms of new deal were confidential and could not be disclosed. Mark Keller, chairman and CEO of Edge Fund Advisors, said that the buyout was part of the original plan when the firm bought the 49 percent stake in 2010, but the current debt was not expected to mature until 2013, meaning the new deal was not expected to happen this soon. He said that low interest rates following the recent economic turmoil made the buyout more favorable to buy the stake out now rather than later. … [more]

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  • New York judges are beginning to take a stricter interpretation of the “good faith effort” banks are required to make under a 2009 state law passed to offer support to distressed homeowners, according to the New York Daily News.

    The law states that banks must try to negotiate with distressed homeowners so that they can modify the loans and keep their property. But those homeowners are increasingly complaining that they can’t get modifications. Since November, 2009 judges have found at least seven cases where banks, including Wells Fargo, HSBC, Bank of America and Deutsche Bank, failed to act in good faith, and in one case the judge ordered the mortgage debt wiped out (although that was later reversed by an appeals court)…. [more]

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  • The Landmarks Preservation Commission has voted unanimously in favor of the designation of a prominent Beaux-Arts bank building at the base of the Manhattan Bridge, the government agency announced yesterday. The domed building, at 58 Bowery at the corner of Canal Street in Chinatown, opened its doors for the first time in 1924 and at one time housed the Citizens Savings Bank. “The design and materials were meant to convey the bank’s financial stability and assure the public that their deposits were safe,” said Commission Chairman Robert Tierney.
    The bank was designed by architect Clarence Brazer and is currently home to an HSBC branch. – Katherine Clarke

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  • A Brooklyn Supreme Court judge has ordered the head of HSBC North America, Irene Dorner, to appear in court July 15 and explain why the America’s ninth-largest bank should not be penalized for submitting false documents in a foreclosure case, the New York Daily News reported.

    In a decision issued Friday, Justice Arthur Schack dismissed the bank’s case against Bedford-Stuyvesant resident Ellen Tahrer as a “frivolous motion” and a “waste of judicial resources,” after it failed to prove that it even owned the $475,000 mortgage on the defendant’s home. Documents submitted were all signed by “robo-signers,” Schack said, and were “replete with false statements.”
    [more]

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  • U.S. foreclosure activity dropped to its lowest level in nearly two years in November, as the country’s biggest lenders put the breaks on their proceedings amid allegations that they’d been taking over properties without properly verifying the paperwork, according to a report from RealtyTrac released today.

    The country’s 262,399 foreclosure filings represent a 21 percent month-over-month and a 14 percent year-over-year decline — the largest in almost six years by both measures.

    In New York City, there were 863 foreclosure filings last month, down a dramatic 41 percent from the 1,466 filings recorded in October and 56 percent from the 1,949 filings in November 2009. … [more]

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  • HSBC resumes foreclosure proceedings

    December 15, 2010 12:04PM

    HSBC is restarting foreclosures in New York State after a nearly two-month reprieve, according to the Post. The bank, along with peers like Bank of America, JPMorgan Chase and Wells Fargo, had halted foreclosure proceedings Oct. 20, after the so-called “robo-signing” scandal surfaced, revealing widespread errors in foreclosure documentation. HSBC is the first major bank — it owns around one-tenth of New York mortgages — to restart proceedings since then (BofA has announced that it will resume foreclosures for vacant non-owner-occupied properties next month)…. [more]

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  • Israeli investors bullish on Manhattan

    October 20, 2010 03:00PM

    alternate text

    According to the Association of Foreign Investors in Real Estate, the United States is still the most attractive country to invest in for real estate. The top three cities, as rated by AFIRE, are Washington D.C, New York City and San Francisco. Based upon investment sales this year, it looks like Israeli investors who have invested in the Bi… [more]

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  • alternate textFrom left: Gehry’s Guggenheim Bilbao, Foster’s HSBC Building and Piano’s Menil Collection

    Starchitect Frank Gehry has nabbed yet another accolade: the title of Modernism’s “greatest renegade,” courtesy of Vanity Fair, which surveyed 52 industry experts to name their choice for most influential piece of architecture built since 1980. Gehry’s winning work, the Guggenheim Museum in Bilbao, which was completed in 1997, shared the honor with other recent works, including Sir Norman Foster’s HSBC Building in Hong Kong, which was finished in 1985, and Renzo Piano’s Menil Collection, completed in Houston in 1987. But, despite the other worthy contenders, Paul Goldberger, a noted architecture critic, said that the Guggenheim Bilbao has a universal appeal. “Bilbao was one of those rare moments when critics, academics and the general public were all completely united,” Goldberger said. [Vanity Fair]

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  • alternate textFrom left: Gehry’s Guggenheim Bilbao, Foster’s HSBC Building and Piano’s Menil Collection

    Starchitect Frank Gehry has nabbed yet another accolade: the title of Modernism’s “greatest renegade,” courtesy of Vanity Fair, which surveyed 52 industry experts to name their choice for most influential piece of architecture built since 1980. Gehry’s winning work, the Guggenheim Museum in Bilbao, which was completed in 1997, shared the honor with other recent works, including Sir Norman Foster’s HSBC Building in Hong Kong, which was finished in 1985, and Renzo Piano’s Menil Collection, completed in Houston in 1987. But, despite the other worthy contenders, Paul Goldberger, a noted architecture critic, said that the Guggenheim Bilbao has a universal appeal. “Bilbao was one of those rare moments when critics, academics and the general public were all completely united,” Goldberger said. [Vanity Fair]

    [more]

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  • The Miami Beach-based developers behind the Flatotel hotel brand coached witnesses to lie in a civil lawsuit related to the 2000 sale of Midtown’s Flatotel, at 135 West 52nd Street, according to a Justice Department filing today arguing against granting them bail. Mauricio Cohen Assor and his son, Leon Cohen Levy were arrested last month on charges that they hid around $33 million in proceeds from the sale by transferring it to an account at HSBC Holdings. The latest filing alleges that the pair coached four witnesses in the case to memorize scripts that helped them conceal their scheme. In exchange, they “promised the individuals that their retirement would be taken care of,” the filing says. [BusinessWeek] 

    [more]

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  • The Miami Beach-based developers behind the Flatotel hotel brand coached witnesses to lie in a civil lawsuit related to the 2000 sale of Midtown’s Flatotel, at 135 West 52nd Street, according to a Justice Department filing today arguing against granting them bail. Mauricio Cohen Assor and his son, Leon Cohen Levy were arrested last month on charges that they hid around $33 million in proceeds from the sale by transferring it to an account at HSBC Holdings. The latest filing alleges that the pair coached four witnesses in the case to memorize scripts that helped them conceal their scheme. In exchange, they “promised the individuals that their retirement would be taken care of,” the filing says. [BusinessWeek] 

    [more]

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