Six unsold penthouses at One Hanson Place, the 37-story Fort Greene tower formerly known as the Williamsburgh Savings Bank, are going to be auctioned off on May 15. According to the Wall Street Journal, the sale should net the development team Canyon-Johnson, of which basketball legend “Magic” Johnson is a partner, substantially more than $10 million. One apartment, a four-bedroom duplex unit with a 2,900-square-foot terrace was recently listed for $5.8 million, while the remaining five full-floor units were each listed for at least $3.7 million. Canyon Johnson acquired the building from HSBC Holdings in 2005, and began putting the 179 apartments on the market in 2006, and all but the aforementioned six units sold. [more]
Posts Tagged ‘magic johnson’
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From left: Magic Johnson, rendering of 20 Henry Street and Councilman Steve LevinMagic Johnson’s real estate development firm, Canyon Johnson Urban Funds, is being criticized for hiring Leviathan Construction Management, a company with a history of safety violations. Councilman Steve Levin slammed the former basketball legend’s company for tapping Leviathan to turn a former candy factory at 20 Henry Street into an upscale condominium with 39 units. “They have not had a good history in terms of safety on their work sites,” Levin told the Daily News. The Department of Buildings gave Leviathan a partial work order Dec. 30
for unsafe scaffolding at the site, for which the company faces $35,000
in fines. [more] -
Magic Johnson and the Viridian building at 110-130 Green Street in GreenpointA high-end residential development in Greenpoint that was funded in part by basketball great Magic Johnson and that failed as a condominium but survived as a rental was sold in bankruptcy for $58.2 million.
Brooklyn investors Chaim Gross, Martin Friedman and Joseph Brunner signed a purchase agreement for the 130-unit property known as Viridian, at 110-130 Green Street between Franklin Street and Manhattan Avenue, Dec. 1, Brooklyn bankruptcy court records from the Eastern District show. The sale closed Dec. 13, said attorney Kevin Nash, who represented the project’s developer, Joel Schwartz.
The bankrupt seller known as 110 Green St. Development, a company headed by developer Schwartz, filed for chapter 11 bankruptcy in February 2009, citing an inability to sell the condos. Sales began in June 2008, but never caught on.
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In their first official response to the bankruptcy filing of 20 Bayard, lawyers for W Financial Fund last week urged a U.S. Bankruptcy Court judge to reject a motion by developer Isaac Hager to continue operating the Williamsburg condominium with monthly rent and parking fees. Hager, president of North Development Group, threw the 64-unit condo into bankruptcy last month, when he was unable to make a $170,000 interest payment to W Financial, or refinance a $17.4 million bridge loan. In a Dec. 9 filing, Martin Ehrenfeld, restructuring officer for the developer, asked permission to use the rent and parking fees to cover monthly maintenance charges for at least 120 days until a reorganization plan is worked out with creditors. After selling 24 apartments before the real estate market collapsed in 2008, Hager rented out nearly all of the remaining units until the condo market recovered. According to the court documents, 20 Bayard has $1.28 million in net operating income per year. [more]
