Michael Gross and One57
(Gross photo source: Richard Lewin)

Real estate author Michael Gross is none too pleased that he is being asked to evacuate his home at the Alwyn Court co-ops at 180 West 58th Street once again, thanks to continued issues with the crane at nearby luxury tower One57, as he described in an opinion piece for the New York Times.

Gary Barnett’s Extell Development, the developer of the tower at 157 West 57th Street, offered $1,500 to each household at the Alwyn as compensation for the hassle of evacuating for the second time since Hurricane Sandy, when the crane boom cracked under the force of powerful winds. [more]

Video screenshotIt’s not a tale of two cities, but a tale of two Park Avenues. PBS on Nov. 12 will roll out a documentary, entitled “Park Avenue: Money, Power & the American Dream,” contrasting Park Avenue on the Upper East Side — home to some of the city’s most exclusive co-ops — and the nearby Park Avenue in the South Bronx, which is located in the nation’s poorest congressional district (see trailer after the jump).

Directed by Alex Gibney, the documentary was inspired by Michael Gross’ 2005 book called “740 Park: The Story of the World’s Richest Apartment Building.” The building has the largest number of billionaires in the United States, according to the film…. [more]

Kent Swig and 740 Park Avenue

First Kent Swig was dealt with financial difficulties at his developments, then with a divorce and a suit from father-in-law Harry Macklowe, and now it appears he’s getting hammered by his home loan, too. Citing Michael Gross, the author of a book about 740 Park Avenue, Curbed reported that Bank of America is suing Swig, his wife Elizabeth (Macklowe’s daughter) and the co-op at the address to recoup payments on loans tied to his duplex apartment with principals of $4.8 million and $12.8 million that have not been paid since 2009. [more]

From left: the interior of Speight’s apartment, the exterior of 740 Park Avenue, broker Serena Boardman, broker Meredyth Smith and author Michael Gross

Investment banker Randolph Speight was once the meticulous gatekeeper at one of Manhattan’s most sought after addresses: 740 Park Avenue. But, today, the apartment belonging to the late co-op board director at the tony building is struggling to meet the approval of buyers.

After listing Speight’s duplex spread for $35 million in August 2008, the Speight family has progressively chopped the price there — down 26 percent to $26 million in January 2009 and down another 12 percent to $23 million just yesterday, according to Streeteasy.com. … [more]

The marriage of real estate power couple Ivanka Trump and Jared Kushner last month generated the kind of press coverage both the bride and groom are used to. Each born into families with histories of providing tabloid fodder, Trump and Kushner are nonetheless attempting to make headlines in the real estate world apart from their high-profile families. Neither is having a uniformly easy time making it as real estate moguls in their own right. Kushner’s acquisition of 666 Fifth Avenue has turned into something of a debacle for Kushner Cos., after office rents spiraled downward and debt grew on the property. And his purchase of a majority stake in the Observer couldn’t have come at a worse time in the newspaper industry. For Trump, one of her first major projects was the Trump Soho Grand, which is slated to open next month but which has been mired in bad press. Some expect that it will go into foreclosure. Still, others are impressed with the pair’s level of ambition. Trump and Kushner “have taken the silver spoons out of their mouths and have really accomplished something,” author Michael Gross told Crain’s this week.