Lawyers appointed by judges to be receivers of distressed properties typically earn 5 percent of the building’s revenue until the property changes hands. And according to the New York Times, New York City judges are increasingly selecting politically connected lawyers to earn that income. Mark Lebow, the husband of Mayor Michael Bloomberg’s aide Patricia Harris, was awarded receivership of 576 Fifth Avenue, and has earned $352,00 in fees, or $5,000 a week. Other notable receivers include Paul Vallone, of a powerful Queens political family, Howard Vargas, former commissioner of the Taxi and Limousine Commission and Marc Landis, a member of Attorney General Eric Scheiderman’s transition team. The father of former mayoral candidate William Thompson, Jr. was also chosen to steward six distressed properties, as was Dominick Calderoni, a law partner of State Senator Jeffrey Klein. [more]
Posts Tagged ‘riverton apartments’
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Stuyvesant Town and Peter Cooper Village for the first time have made
Trepp’s list of defaulted properties that are 60 or more days
delinquent, the commercial loan tracking firm Trepp said. The
110-building Stuyvesant Town and Peter Cooper Village, which spans First
Avenue to Avenue C, and 14th to 23rd streets, made the top of the list
of New York City’s commercial defaulted properties for the month of
March, with a total balance of $3 billion in commercial-mortgage backed
loans. (See full list of delinquent properties — and zoom in on them — in chart here, plus see a slide show of 10 of the properties above.) With Stuy Town at the top of the list, Riverton Apartments, the dozen 13-story buildings that lie between 135th and 138th streets and Fifth Avenue and Harlem River Drive, was bumped down to the second spot out of 46 such properties from last month’s list, of 41 properties (click here to see the list of February delinquencies). One property that made if off last month’s list is Vornado Realty Trust’s 50 West 57th Street. After five months with a special servicer, the $29 million loan payments for 50 West 57th Street were made up to date March 1. They are now current and therefore off the list, but still with a special servicer, according to Trepp. TRD [more] -
Riverton Apartments is at the top of the list of New York City’s commercial properties that are at least 60 days delinquent, by size of loan balance, according to data from commercial loan tracking firm Trepp updated through today. (See full list of delinquent properties — and zoom in on it — here, plus see a slide show of some of the properties above.) Laurence Gluck bought Riverton, the 12, 13-story buildings that lie between 135th and 138th streets and Fifth Avenue and Harlem River Drive, for $135 million in 2005, then refinanced the property with a $225 million mortgage. The foreclosure auction is set for March 11. Other large delinquent properties include Hampshire Hotels & Resorts’ Dream Hotel at 210 West 55th Street, with a loan balance of $100 million, and Time Hotel at 224 West 49th Street, also owned by an affiliate of Hampshire Hotels & Resorts, with a balance of $55 million. Also included on the list are the Meyberry House at 220 East 63rd Street with a $90 million loan balance and and the Core Club retail condominium at 60 East 55th Street, with an $18 million balance. The Real Deal looked at commercial properties that were 90 or more days delinquent in its 2010 Data Book. TRD [more]
