The Real Deal New York

Posts Tagged ‘madison equities’

  • From left: Joseph Sitt, 212 Fifth Avenue in Nomad and Robert Gladstone

    From left: Joseph Sitt, 212 Fifth Avenue in NoMad and Robert Gladstone

    Madison Equities’ Robert Gladstone and Thor Equities’ Joseph Sitt are aiming to capitalize on the coveted address of their planned condominium conversion at 212 Fifth Avenue.  [more]

  • 212-fifth-buy

    From left: 212 Fifth Avenue in the Flatiron District, Dustin Stolly and Robert Gladstone

    A joint venture between Robert Gladstone’s Madison Equities, Building and Land Technology (BLT) and Joseph’s Sitt Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue, The Real Deal has learned. [more]

  • gladstone

    From left: Robert Gladstone, Gary Barnett and 212 Fifth Avenue

    UPDATED: 4:56 p.m., Jan. 14: An office building at 212 Fifth Avenue, the crown jewel of the Ring portfolio in Midtown South, will be converted into a residential project with 48 apartments, according to a permit application filed with the city today. Although Gary Barnett’s Extell Development officially owns the building and is listed on the permit, sources said the 220,000-square-foot, 24-story property is in contract to sell to Joseph Sitt’s Thor Equities for $260 million. Robert Gladstone’s Madison Equities and real estate investment firm Building and Land Technology (BLT) are also buying a stake in the property.  [more]

  • Real estate’s juiciest lawsuits of 2014

    December 16, 2014 08:30AM
    Clockwise from top left: Nicole Oge, Robert Gladstone, Dottie Herman, a spy cam, Neil Binder, Joseph Sitt and Andrew Heiberger

    Clockwise from top left: Nicole Oge, Robert Gladstone, Dottie Herman, a spy cam, Neil Binder, Joseph Sitt and Andrew Heiberger

    The old industry mantra “location, location, location” should come affixed with a corollary: “lawsuit, lawsuit, lawsuit.” From Jack Sitt going toe-to-toe with his brethren, to a battle for control of Town Residential, to a disturbing case of a landlord allegedly spying on a young female resident, the real estate industry saw it all this year. The Real Deal was there every step of the way, and we’ve rounded up some of the year’s most high-profile cases. Read about these suits and more after the jump.

  • The Serbian Orthodox Cathedral of St. Sava and Robert Gladstone

    The Serbian Orthodox Cathedral of St. Sava and Robert Gladstone

    Madison Equities, a developer of luxury residential projects in the city, is suing the Serbian Orthodox Cathedral of St. Sava for allegedly breaching a letter of intent between the two parties and acting in a “deceitful and unconscionable” way by not disclosing a $13.5 million broker fee.  [more]

  • Full-floor living room rendering at 10 Sullivan Street

    The three-floor penthouse at Madison Equities and Property Markets Group’s 10 Sullivan Street will be completed next year and is asking $45 million. [more]

  • 10 Sullivan Street

    Renderings of 10 Sullivan Street

    The first set of units at Madison Equities and Property Markets Group’s condominium project at 10 Sullivan Street has hit the market. [more]

  • From left: Rendering of 10 Sullivan Street and floorplan of the penthouse unit

    From left: Rendering of 10 Sullivan Street and floorplan of the penthouse unit

    A triangular Soho building that is set to launch sales within the month released floor plans, revealing a $45 million triplex penthouse that includes an indoor pool. [more]

  • Robert Gladstone, 10 Sullivan Street and Kevin Maloney of PMG

    From left: Madison Equities head Robert Gladstone, 10 Sullivan Street and Kevin Maloney of PMG

    WEEKENDEDITION Property Markets Group and Madison Equities have received $95 million in financing to build the luxury condominium planned for 10 Sullivan Street in Soho. [more]

  • Robert Gladstone, 10 Sullivan Street and Kevin Maloney of PMG

    Robert Gladstone, 10 Sullivan Street and Kevin Maloney of PMG

    Madison Equities and Property Markets Group have won unanimous approval from the city Board of Standards & Appeals for their design of a planned residential condominium project in Soho. [more]

  • From left: Robert Gladstone and a

    Robert Gladstone and a condo rendering (Credit: DNAinfo)

    Developer Robert Gladstone of Madison Equities introduced his plan at last night’s Community Board 2 meeting to build an 18-story condominium building on a former car wash plot in Soho, Curbed reported. At the meeting, Gladstone’s land use counsel Margery Perlmutter argued that the proposal would not only save the site at 120 Sixth Avenue, but also by extension the neighborhood. [more]

  • A rendering of the planned tower at Sixth Avenu and Broome Street (credit: DNAinfo)

    A rendering of the planned tower at Sixth Avenue and Broome Street (credit: DNAinfo)

    Madison Equities and Property Markets Group are seeking a variance to build an 18-story condominium building on a former car wash plot in Soho, DNAinfo reported. [more]

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  • From left: Audrey Matlock, the exterior of 57 Irving Place and an interior rendering

    The shiny glass building at 57 Irving Place topped out as long ago as 2009, and it was well on its way to being fully clad not long afterwards. But the finishing touches were only recently applied, which is why this seems like a fine moment to take its measure.

    Designed by Audrey Matlock, this building was developed by Madison Equities, which pioneered the Galleria at 117 East 57th Street a generation ago and, more recently, the Chelsea Modern at 447 West 18th Street. Like 57 Irving Place, Chelsea Modern was designed by Matlock. The latter building is a far bolder structure than the one on Irving Place. It consists of four undulating strips in two tones of blue that buckle and clash across the surface of the building. This aggressive, classic style of design can also be seen in the architect’s work for the New York Aquarium. [more]

  • The Chelsea Modern, at 447 West 18th Street, and Robert Gladstone, CEO of Madison Equities

    Real estate developer Madison Equities is facing a lawsuit from boutique advisory firm Hodes Weill & Associates for allegedly defaulting on a $12.1 million loan to refinance the Chelsea Modern condominium.

    The suit, filed Monday in New York State Supreme Court, alleges Madison Equities, led by Robert Gladstone, took out the loan from Hodes Weill in February 2011 in order to refinance the 12-story property’s mortgage and buy out the other investors in the property. [more]

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  • A parking garage in Manhattan

    The car is waging a losing battle in New York City, the New York Times reported. And its main foe is luxury development.

    As demand for luxury apartments spurs development, parking garages are often sites for new buildings, and due to zoning that discourages the inclusion of parking even in new residential developments, the amount of Manhattan parking overall is declining, the Times said. [more]

  • Madison 92nd Street Associates, an affiliate of Madison Equities and owner of the Upper East Side Courtyard by Marriott at 410 East 92nd Street, has filed for bankruptcy protection in an effort to prevent a foreclosure sale of the property and is working with Westport Capital Partners to line up refinancing, Bloomberg News reported. The corporation listed assets of as much as $500 million and debt of as much as $100 million, according to the filing.

    The New York State Department of Taxation and Finance holds the biggest unsecured claim of $679,581, Bloomberg said, and lender General Electric Capital, owed $74 million, has scheduled a foreclosure sale for Aug. 24. … [more]

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  • Amid the credit crunch, New York City’s large and growing inventory of stalled projects seem to have scared off even the wealthiest of new development apartment buyers. At pricey developments like 57 Irving Place, where the cheapest unit is a $6.75 million three-bedroom, buyers are still wary of committing to anything before the building is finished, Robert Gladstone, CEO of developer Madison Equities, told the New York Times. “There’s no market of people buying from plans,” he said. “Basically everyone is saying, we’d like to see a representation of how the lobby is going to look, we want to see the apartment a little further along.” Gladstone’s next project is 145 Perry Street, a bed-and-breakfast inn. He says New York has a dearth of hotels, and the outlook for those types of properties is “very, very strong.”

  • $62M loan at UES Marriott in default

    November 05, 2009 05:58PM

    Marriott at 410 East 92nd Street is owned by an affiliate of Robert Gladstone’s Madison Equities (Gladstone photo source: GreenPearl)

    An Upper East Side Marriott Courtyard hotel that is losing money fast is subject to its second lawsuit in less than two months.

    Just eight weeks after the owner of the Marriott Courtyard New York Manhattan/Upper East Side hotel sued the hotel’s management for allegedly making secret deals that hurt the bottom line, the lender on the property has sued the owner to foreclose on a $62 million mortgage at the building.

    The pair of lawsuits highlights the difficulties facing commercial building owners and borrowers in the weak economy, said Harvey Krasner, a real estate partner at Warshaw Burstein Cohen Schlesinger & Kuh, who was not involved in the litigation.

    Note: Correction appended.

  • The Landmarks Preservation Commission has approved the construction of
    two townhouses in the West Village. Madison Equities will develop the
    two five-floor townhouses through ground-up construction, giving buyers a greater say in the look of their home. “The interiors will be a nearly blank canvas where buyers
    are able to design a one-of-a-kind home,” Robert Gladstone, CEO of
    Madison Equities, said in a statement released today. The two homes,
    at 705 and 707 Washington Street, will be 7,437 square feet and 6,924
    square feet, respectively, and will cost $23 million and $21 million.
    The homes will feature garages with electric car capability, wine
    cellars and artist’s studios. TRD


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