From left: Woody Heller and Will Silverman of Studley and 525 Broadway (credit: PropertyShark)
JPMorgan Chase paid $87.5 million for the eight-story Soho building where one of its most popular bank branches is located, in an effort to protect the valuable location, several industry sources said. A number of real estate investors offered to pay around $68 million for the building, 525 Broadway, industry sources said, while others were well into the $80s. [more]
From left: Joseph Evangelisti, 18 Grove Street exterior and a living room in the townhouse
Things aren’t all bad for Joseph Evangelisti, the top spokesperson for JPMorgan Chase who is managing the fallout of a reported $2 billion loss from the firm’s chief investment office trading desk. Bloomberg News reported he sold his West Village townhouse for $6.7 million. The four-story home, at 18 Grove Street on the corner of Bedford Street, first hit the market in November 2008 with an asking price of $7.9 million. [more]
From left: 150 East 42nd Street and 277 Park Avenue
As if the city’s office leasing market needed any more negative news, Pfizer and JPMorgan are seeking to sublet nearly 325,000 square feet of Midtown office space, Crain’s reported, adding more to the city’s oversupply of space.
Pfizer is consolidating its operations into the two properties it owns at 219 and 235 East 42nd Street, so it’s tapped Cushman & Wakefield to market 274,000 square feet it rents at 150 East 42nd Street. [more]
JPMorgan Chase has halted its efforts in creating a $750 million real estate fund, named Junius Real Estate Partners, due to a lack of interest in the high-risk and high-return deals it had planned, the Wall Street Journal reported.
An unnamed source told the Journal that, despite the setback, Junius will restart fundraising efforts sometime in the future. According to the paper, Junius had recently made its first investment: the Salamander Resort & Spa, located in Middleburg, Va. It’s set to open next year, featuring 168 rooms and suites, plus an equestrian farm. [more]
19 Sunninghill Road
The largest and most expensive foreclosed property on the East End will be listed this week by the bank that took control of it , the New York Post reported.
The 9,673-square-foot mansion, at 19 Sunninghill Road in Southampton, was foreclosed on in October and could be marketed this week by foreclosure broker Kristopher Pilles for between $1.8 million and $2 million on behalf of JPMorgan Chase. [more]
Fitch Ratings today said it downgraded a pool of $4.53 billion in commercial real estate loans from JPMorgan Chase, led by the Belnord, a landmark Upper West Side rental building owned by Extell Development President Gary Barnett.
The Belnord loan, the biggest contributor to losses in the pool, at 7.9 percent, was harmed by the recent decision that affirmed the controversial Stuyvesant Town ruling that New York City landlords would have to refund rent overcharges in buildings that received J-51 tax benefits.
The ruling effectively means that landlords cannot raise rents on rent-stabilized apartments to market rates, and if those units were illegally converted, the tenants can get reimbursed for past overcharges. [more]
Two Trees Management has secured $229 million in construction financing for the second phase of its massive Mercedes House development on the Far West Side, according to Morrison & Foerster, the law firm that represented lenders Wells Fargo and JPMorgan Chase in the deal.
About 60 percent of the loan comes from proceeds of bonds issued by the New York State Housing Finance Agency which will fund about 480 units, 100 of which are reserved for low-income households. The remainder will finance 162 residential condominium units. – Adam Fusfeld [more]
The price lenders must pay to move past the federal investigation into their foreclosure practices went up by $5 billion, the Wall Street Journal reported. And it could rise higher.
The ongoing negotiations between government officials and banks, which appeared close to being finalized in September at a cost of $20 billion to the nation’s five largest mortgage servicers, have centered on a new number: $25 billion. The final cost could eventually reach $29 billion.
The lenders in question are Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo [more]
Prominent real estate figures were among those targeted by Occupy Wall Street protestors in today’s “Millionaires March.”
Protesters marched up Park Avenue and demonstrated outside the homes of real estate developer Howard Milstein and John Angelo, CEO of Angelo, Gordon & Co., along with other CEOs and wealthy executives, including News Corp. founder Rupert Murdoch, JPMorgan Chase CEO Jamie Dimon and hedge-fund manager John Paulson. The protestors, who have been camped out in Zuccotti Park in the Financial District for the last few weeks, were joined by affordable housing groups and tenant advocacy organizations as they marched, yelling “we are the 99 percent,” and “hey there, millionaire, pay your fair share.” Some wore anonymous masks to hide their identity. Representatives from Community Voices Heard, a coalition of low-income New York City residents, were among the marchers. [more]
From the October issue: Wall Street is a place, but it’s also a state of mind. And that’s true now more than ever, as the headquarters of New York’s most powerful banks are no longer clustered on one particular Financial District thoroughfare.
Likewise, the homes belonging to the bosses of Wall Street’s biggest firms aren’t concentrated in any one place either. While there’s still some historic bias toward Uptown over Downtown, not every Wall Street titan gravitates toward the most exclusive white-glove co-ops. In addition, the success that these high-finance wizards have had with their NYC residential real estate investments is also all over the map.
What follows is The Real Deal’s rundown of who, where, and how they’ve done. First up is Jamie Dimon, CEO of JPMorgan Chase, whose address is 1185 Park Avenue. Click here for more. [more]
