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]
The Williamsburg property at 111 Kent Avenue has now hit the market as a rental, Brownstoner reported.
Asking rents at the building, between North 7th and North 8th streets, range from $2,705 to
$4,519 a month. In 2009, the building was on the
market as a condominium, and prices ranged from $575,000 to $1.1 million. It
was converted into a rental after being purchased by Laurence Gluck’s
Stellar Management this March. The waterfront property also features an outdoor
swimming pool, roof deck and courtyard.
[Brownstowner]
Laurence Gluck-led Stellar Management requested to transfer its debt on Independence Plaza to a special servicer in an effort to extend the mortgage. Independence Plaza is a mixed-use complex in Tribeca that consists of 1,328 apartment units across three 39-story towers with 73,000 square feet of retail space and a 230,000-square-foot commercial parking garage. A spokesperson for Stellar Management said that the deal will not affect residents of the buildings, and that ownership still has a firm grasp on the property. TRD Comments
Private equity firm Blackstone was the winning bidder in the highly competitive process to buy the $116 million non-performing note for the leasehold on the entire building at 1140 Sixth Avenue, which is owned by Stellar Management and Rockpoint Group, sources said.
Blackstone will pay something close to — but a little bit less than — $100 million for the note held by German lender Landesbank Baden-Wurttemberg, sources said, but the precise figure could not be obtained. In addition, the owners have an agreement to transfer the leasehold to Blackstone, a source said, but it was not clear if Blackstone would pay for the title, or when the exchange would happen. [more]
Laurence Gluck’s Stellar Management has purchased the stalled Williamsburg condominium project at 111 Kent Avenue for $24.6 million and plans to revive the property as a 62-unit rental. According to Crain’s, Stellar partnered with Largo Investments in the acquisition from Garrison Investment Group, which paid $43 million to take it off the original developers’ hands this past November. The developers had defaulted on their $1.3 million loan two years ago after listing the condo units for between $575,000 and $1.1 million apiece. [more]
It’s a good day for investors looking to pick up commercial property debt: in addition to the $75 million senior mortgage at 80 Broad Street that just came on the market, Crain’s reported that a $116 million senior loan at 1140 Sixth Avenue is also about to hit the block. The 22-story building, owned by Laurence Gluck’s Stellar Management and Rockpoint Group, sits on the corner of West 44th Street and according to Jones Lang LaSalle’s Scott Latham, it is likely to draw “tons of interest” and as much as $600 per square foot. [more]
