From left: 111 Kent Avenue and Laurence Gluck, founder of Stellar Management
[Updated at 3:20 p.m. with comment from Studley, Real Capital] Laurence Gluck’s Stellar Management and Largo Investments have sold 111 Kent Avenue, a 62-unit luxury rental building in Williamsburg, for just under $56 million, one year after the firm purchased the stalled project, sources told The Real Deal. [more]
From left: Laurence Gluck and 233 Spring Street and 161 Sixth Avenue
Stellar Management President Larry Gluck closed on his purchase of two industrial office buildings in Soho and plans to combine the structures into a single tower, according to the New York Post. Gluck paid $200 million for the 16-story, 320,000-square-foot office building at 161 Sixth Avenue and the 10-story, 250,000-square-foot property at 233 Spring Street, both of which are off the corner of Sixth Avenue and Spring Street. [more]
Laurence Gluck, president of Stellar, and 49 Crown Street (credit: PropertyShark)
The former owner of a large Crown Heights rental apartment building called Tivoli Towers claims that office and residential landlord Laurence Gluck and two of his companies which bought the property in 2010, allegedly owe it $400,000 in connection with that transaction.
Donald Lentnek, who sold the 33-story Tivoli to Stellar for $9.5 million, filed the lawsuit this afternoon against Gluck, and two companies (Tivoli Stock LLC and Tivoli B.I. LLC) on behalf of himself; the estate of his late mother Betty Lentnek; and their company Tivoli Associates, seeking what Lentnek says were past due rents owed by tenants at the time of the sale. [more]
From left: Independence Plaza and Antonio Fermin
The New York City Department of Investigation’s peek into the goings on at once Mitchell-Lama regulated Independence Plaza in Tribeca have revealed more alleged crimes, DNAinfo reported. Antonio Fermin, a noted pianist and former teacher at the Juilliard School, was arrested Tuesday for hiding his Sagaponack, N.Y. home, valued at $1 million, from the city in order to receive Section 8 rent subsidies for a two-bedroom apartment at Independence Plaza. [more]
From left: Laurence Gluck and Independence Plaza
Developer Laurence Gluck is on somewhat of a winning streak. Just 11 months after a federal judge ruled the developer did not illegally deregulate apartments at his 1,328-unit Tribeca complex Independence Plaza, at 80 North Moore Street, a state Appellate Court has followed suit, reversing an earlier ruling to the contrary, The Real Deal learned today. [more]
Stellar's Laurence Gluck and 111 Kent
Laurence Gluck’s Stellar Management has put 111 Kent Avenue, a 62-unit luxury rental property in Williamsburg, on the market, just one year after it purchased the stalled project from Garrison Investment Group for $24.6 million, Crain’s reported.
Stellar, which partnered with Largo Investments in last year’s acquisition, said it had always intended to sell the building at some point; It has retained Studley to market the property. [more]
From left: Stellar Management's Laurence Gluck, Meyer and Joseph Chetrit, and Columbus Square
[Updated at 5:19 p.m. with comment from Laurence Gluck, president of Stellar] Colorado-based multi-family landlord UDR partnered with MetLife to purchase the newly developed, five-tower apartment complex Columbus Square for $630 million, UDR said in a statement this afternoon.
The seller was a partnership of Laurence Gluck’s Stellar Management and the Chetrit Group. Stellar and Chetrit did not immediately respond to a call for comment. [more]
Jewish Home Lifecare’s West 106th Street campusOne of the most ambitious new nursing home projects in the New York area is ready to move forward thanks to a land swap that could prove most profitable for developers Joseph Chetrit and Laurence Gluck (note: correction appended).
According to the Wall Street Journal, Chetrit and Gluck closed on the deal to give a lot on 97th Street between Amsterdam and Columbus avenues to Jewish Home Lifecare in exchange for the agency’s four-building campus that occupies most of the block nine streets directly north and another building on 105th Street. The developers will also give $35 million to Jewish Home. [more]
Larry Gluck’s Stellar Management has finalized a plan to partner with tenant Erez Shternlicht and replace a loading dock in Gluck’s Meatpacking District office building at 450 West 15th Street with a prime retail storefront.
The retail addition, that will sit just west of luxury clothing retailer Jeffrey New York on West 14th Street between Ninth and 10th avenues, is part of a larger approximately $60 million sale and lease transaction Milk Studio’s Shternlicht executed in two separate deals including the sale of the neighboring Mobil gas station.
Shternlicht said the extremely complicated deals would unlock millions of dollars in value for the Stellar Management building and influence the area by adding retail on 14th Street all the way to 10th Avenue. [more]
Laurence Gluck’s Stellar Management made a deal with special servicer CW Capital Asset Management to extend the $265 million senior mortgage on Independence Plaza in Tribeca by two years, the Wall Street Journal reported, giving it time to see how a rent-stabilization lawsuit plays out. It’s the second such deal Stellar has made with creditors on the 1,332-unit complex.
Stellar partnered with Westbrook Real Estate Partners to purchase the complex at 80 North Moore Street in 2003 with the intent to raise rents by removing it from the Mitchell Lama program. The firm initially took out just a $66 million mortgage, but used more debt to make building improvements. [more]
