The Real Deal New York

Posts Tagged ‘izak senbahar’

  • Lower Manhattan’s (a)trophy listings

    September 25, 2015 11:02AM
    Izak Senbahar (top l.), Wendy Maitland and listings from (clockwise from top l.) 30 Park Place, 56 Leonard, 50 West Street and 10 West Street

    Izak Senbahar (top left), Wendy Maitland and listings from (clockwise from top left) 30 Park Place, 56 Leonard, 50 West Street and 10 West Street

    Sales have been brisk at pricey Downtown developments like 56 Leonard Street, 30 Park Place and 50 West Street, with most of the inventory under contract and spoken for.

    For the most part, the only job left for the developers and sales teams is to find a buyer for the buildings’ trophy listings. But as the end of September looms, not a single contract has been signed below Canal Street this year above $20 million, an indication that the sellers may have set their expectations too high. [more]

  • 56-leonard

    56 Leonard penthouse

    The eighth and last full-floor penthouse condominium at 56 Leonard is up for grabs. [more]

  • From left: Izak Senbahar, 56 Leonard Street, Gary Barnett and unlucky 13

    From left: Izak Senbahar, 56 Leonard Street, Gary Barnett and unlucky 13

    New Yorkers aren’t thought of as being particularly superstitious, but developers don’t want to take any chances. Less than 5 percent of mid- and high-rise residential condominium buildings in Manhattan and Brooklyn have a designated 13th floor, according to an analysis of 1,500 condo declarations by real estate listings site and data provider CityRealty. [more]

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  • 56 Leonard Street

    56 Leonard Street

    Izak Senbahar’s 56 Leonard Street, the high-end “Jenga” condominium in Tribeca, is selling storage space for up to $1,800 per square foot. The 60-story skyscraper recently sold a 200-square-foot storage unit in the basement for $300,000 — about $1,500 per square foot. The average sale price for an existing home nationwide was $260,600 in July, according to the National Association of Realtors. [more]

  • 56 Leonard: Back from the brink

    April 15, 2013 10:30AM

    From left: Izak Senbahar and a rendering of 56 Leonard

    From the April issue: Izak Senbahar stands in his 33rd-floor office and shows off a scale model of his latest project: the 60-story glass condo tower rising at 56 Leonard Street. The model, made of Plexiglass pieces stacked like the building’s cantilevered floor plates, occupies a prime position on the developer’s windowsill overlooking Midtown. And when the tower is complete in two years, it will occupy a similarly prime position in Tribeca. [more]

  • The Closing with Izak Senbahar

    March 15, 2013 10:00AM

    Izak Senbahar (credit: STUDIO SCRIVO)

    From the March issue: Izak Senbahar is the president of the Alexico Group, the development firm behind high-profile condo projects such as Grand Beekman on East 51st Street, 165 Charles Street, the Laurel on East 67th Street and the condo conversion of the Mark Hotel. In January, Alexico secured $350 million in construction financing to jump-start its stalled 60-story residential condo at 56 Leonard Street in Tribeca. The Herzog & de Meuron–designed project will have 145 units and is now slated to be complete by 2015. The company is currently working on projects with a combined value of around $2 billion. [more]


  • From left: Simon Elias, the Mark Hotel and Izak Senbahar

    Dune Real Estate Partners has filed to foreclose on loans granted to the Alexico Group’s Mark Hotel at 25 East 77th Street by Anglo Irish Bank, according to public documents filed in State Supreme Court last month. Dune bought the loans earlier this year. Alexico’s Simon Elias and Izak Senbahar pledged the hotel and co-op building as collateral for a total of five Mark Hotel-related loans, all of which are now in default, according to the public foreclosure filing dated June 9. The loans include a pre-development one totaling $14 million in 2006, a building loan mortgage totaling approximately $60.78 million, dated 2007, a project loan totaling around $22.7 million, a $17 million supplemental building loan and a $6.3 million supplemental loan mortgage. All of these debts are accompanied by unpaid interest, late charges, protective advances, service fees and attorney expenses. … [more]

  • alternate text
    From left: Simon Elias, the Mark hotel, Izak Senbahar

    Fillmore Capital Partners filed a $21.1 million suit against Mark hotel developers Simon Elias and Izak
    Senbahar of the Alexico Group, alleging the two defaulted on a mezzanine loan at the Upper East Side
    The suit, filed Monday in New York State Supreme Court, claims the two developers guaranteed
    repayment of a $25.8 million mezzanine loan from Dublin, Ireland-based Anglo Irish Bank in 2006, and
    acquired by San Francisco-based Fillmore in May 2007.
    The loan, amended in December 2007, allowed the developers to borrow up to $43.28 million and some
    of the funds advanced towards the project, leaving a balance of $38.5 million, as of April 2009. Fillmore
    says the borrowers waived their rights to make any claims against the lender, and agreed to guarantee
    the lesser of $7.75 million or the unpaid balance of the loan.


  • Developers sue Anglo Irish Bank for $1B

    January 04, 2011 09:00AM
    alternate text
    Developer Simon Elias and Flatotel

    Developers Simon Elias and Izak Senbahar of the Alexico Group are suing Anglo Irish Bank for $1 billion in a funding dispute over $500 million of loans that the bank gave to the men and their companies to redevelop three Manhattan hotels, the Mark, the Alex and the Flatotel, the Irish Times reported. The bank would not comment, but sources said it intends to defend the lawsuit and that the developers’ case has no merit. … [more]

  • The Alex

    The Alex, one of Alexico Group’s three distressed hotels in Manhattan,
    is facing an $81.7 million foreclosure suit after An … [more]

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  • Alexico faces lawsuits at the Laurel

    November 12, 2009 10:18AM

    Alexico Group is facing a federal lawsuit from two Toronto-based buyers looking to back out of their apartment contract at the Laurel condominium at 400 East 67th Street at First Avenue.

    Warren Shepell and Morris Berchard filed suit Oct. 26 in U.S. District Court alleging that the developer failed to file a property report with federal regulators under the Interstate Land Sales Disclosure Act.

    Shepell and Berchard signed a November 2007 contract to buy an apartment at the Laurel for about $2.7 million, and deposited $401,250 into an escrow account held by attorney Kramer, Levin, Naftalis & Frankel to reserve Apt. 12B, according to the complaint.

    By June 2008, the buyers made a second deposit of $267,500, for a total deposit of $668,750, according to the complaint. … [more]

  • alternate text
    From left: A rendering of the Oliver’s rooftop, images of the stalled project

    Bank of America filed to foreclose on two loans totaling more than $30
    million provided for the development of a rental project dubbed the
    Oliver to be constructed by the luxury developer Alexico Group on the
    East Side. The lawsuit describes one mortgage from 2007 as the fee acquisition
    loan, valued at $28.32 million, and the second as a development rights
    acquisition loan from 2008, valued at $2.3 million. Both loans were originally due November 2008, but the maturity date was
    extended to May 1, 2009. The loans were not repaid by that time, and
    the bank notified the borrowers that the loans were in default, the
    suit filed in New York State Supreme Court August 13, says. The loans cover five mid-block lots from 951 to 961 First Avenue,
    between 52nd and 53rd streets, although the planned 30-story
    development is only on the three northernmost lots totaling 75 feet by
    100 feet, court papers and property records show. The other two lots
    are occupied by five-story apartment buildings. … [more]

  • Laurel developer sued over rent

    June 05, 2009 11:36AM
    alternate textAlexico is the subject of litigation for its Laurel condo at 400 East 67th Street (left). The off-site sales office at St. Tropez, 1161 First Avenue.

    Alexico Group is facing litigation after it allegedly failed to pay
    $254,000 in back rent and other charges for an off-site sales office at
    the Laurel, its 31-story condominium building at 400 East 67th Street. Since 2007, the Manhattan-based development marketing firm has operated
    the Laurel sales and design center at 1161 First Avenue, which is a
    street-level commercial space located at the rival St. Tropez condo, on
    the corner of 64th Street.
    The complaint, filed by the St. Tropez Board of Managers May 27 in New
    York Housing Court, alleges the developer — which pays $53,571 per
    month in rent — failed to make a payment since January. Alexico, led
    by Izak Senbahar and Simon Elias, told the landlord that slow sales at
    the Laurel were hurting its ability to make rent payments for the sales
    office, according to St. Tropez’s attorney. … [more]