Brack Capital Real Estate, the developer behind the James New York, the Olcott and 15 Union Square West, has just acquired the development site for its latest Manhattan project: a 290-room Hotel Indigo at 180 Orchard Street. The Lower East Side project, a joint venture with InterContinental Hotels Group, will also include retail and parking when it opens in 2013. BCRE and IHG paid $46 million for the site in an all-equity transaction, the partners announced today. Among the property’s planned features: a restaurant, bar, fitness center and outdoor pool. TRD [more]
Posts Tagged ‘intercontinental hotels group’
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As the U.S. hotel industry recovers, some of the country’s largest hotel companies — including Marriott International, Starwood Hotels & Resorts Worldwide, Hilton Hotels Worldwide and Hyatt Hotels Corp. — are beginning to divest their properties in an effort to reduce their holdings. With occupancies rising and revenue per room expected to post strong gains, now is the time to restart such divestitures, according to the Wall Street Journal. A reduction in new hotels means stronger cash flows for existing hotels, potentially resulting in rising property values. “It’s maybe the beginning of some opportunities, because there is a fair amount of capital on the sidelines interested in investing in this space,” said Jim Anhut, chief development officer in the Americas division of InterContinental Hotels Group, owner of brands including Holiday Inn and InterContinental. “We’re a cyclical business, and people are seeing the bottom of the cycle.” [WSJ]
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From left: James Dimon, whose firm JPMorgan Chase owes $300,000; Crowne Plaza JFK, which owes $944,491; the Holiday Inn JFK, which owes $852,239; Gordon DuGan, whose firm W. P. Carey & Co. owes $464,000 (Dimon photo source: Public Intelligence)Tax debtors beware: New York State is calling you out.
Last Friday, the New York State Department of Taxation and Finance went live on its Web site with lists of the top 250 individual and corporate tax debtors in the state.
The individual debtors range from Onandaga County resident Bradley Cooke, who owes $381,509, to Irving Bilzinsky, the former Scores strip clubs owner from Brooklyn who topped out the list with more than $15 million outstanding taxes from between 2007 and 2009. Among businesses, Gui Hong Chen, of Queens, took the top spot with more than $19 million in unpaid corporate taxes.
This week, The Real Deal combed through the newly-public documents to find the worst offenders in New York City real estate.
They include luxury broker Agnes Nolan and her late husband, who owe more than $850,000 in personal income taxes, a subsidiary of real estate investment firm W.P. Carey, which has a warrant out for roughly $464,000, and JPMorgan Chase Bank, which owes upwards of $300,000 (see the full list after the jump).
Perhaps the highest-profile individuals listed were Ponzi-schemer Bernard Madoff (No. 69, with $984,281 in sales taxes) and celebrity fashion photographer Annie Leibovitz (No. 83, with $503,740 in personal income taxes outstanding). Earlier this week, Leibovitz narrowly avoided emergency sales of her four New York homes — three Greenwich Village brownstones and part of the Astor family’s estate in Rhinebeck, N.Y. — when a Los Angeles private equity firm specializing in distressed real estate agreed to take on her millions of dollars in debt. [more]
