The Real Deal New York

Posts Tagged ‘rushmore’

  • madison-realty-zegen

    163 North 6th Street and Madison Realty’s Josh Zegen

    Madison Realty Capital provided a $37 million loan for a 92-unit rental conversion in Williamsburg, the firm told The Real Deal exclusively.

    The 78,773-square-foot project involves converting a former Roman Catholic Diocese of Brooklyn church at 163 North 6th Street and a five-story former school at 180 North 7th Street. The church site will feature 38 units, while the latter will have 54. All Year Management, also known as the North Flats LLC, bought both properties for $10.7 million from the church in 2011, PropertyShark data show. [more]

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  • The Rushmore and Kelly Coffey (source: CityRealty and Elle)

    In the last major court battle of a multi-year escrow dispute at the Rushmore condominium, a State Supreme Court judge ruled in favor of a Wall Street executive who sued to rescind her $6.9 million purchase at the building.

    Supreme Court Justice Debra James ordered Extell Development and Carlyle Realty Partners to refund more than $1 million to Kelly Coffey, a Manhattan resident who originally agreed to buy the unit in 2007. The judgment represents Coffey’s down payment, plus interest and fees. [more]

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  • From left: Extell’s Gary Barnett, the Rushmore and Andrew Chung of Carlyle Realty

    Lawyers for 40 buyers at the Rushmore condominium were awarded an injunction against the developers, after Stroock & Stroock & Lavan stopped payment on more than $15 million in escrow refunds. The buyers  just recently received the payouts, on the heels of three years of litigation with the Extell Development and Carlyle Realty Partners.   [more]

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  • Extell’s Gary Barnett and the Rushmore

    It’s been a rough few months for Extell Development. The success of sales at its luxury tower One57 was clouded by the snap of a wily crane during Hurricane Sandy, and the developer lost an ongoing legal battle with residents at the Rushmore condominium. Now, in a separate Rushmore case, another buyer at the Upper West Side building has scored a victory against the developer.

    A New York State Supreme Court judge ruled on Dec. 5 that Extell is liable in a case involving alleged misrepresentations over one resident’s view of a quiet courtyard, The Real Deal has learned. [more]

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  • The Rushmore

    After years of waging a legal fight over $16 million in escrow funds, buyers at the Rushmore condominium on Riverside Boulevard learned that an imposter pretending to work for Extell Development gained access to personal information stored in those same escrow accounts at Bank of America, The Real Deal has learned.

    Stroock, Stroock & Lavan, the Manhattan-based law firm, and escrow agent for the Rushmore, warned buyers in a November 14 letter that the fake employee got a copy of the master account statement, which contained the amount of the individual deposits and the last four digits of the buyers’ social security numbers or tax ID numbers. “We learned last week that a copy of the current statement of the bank master account for the Rushmore was provided to an imposter using the name of an actual employee of Extell Development Co.,” Stroock attorney Bruce Schneider wrote. [more]

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  • Clockwise from top left: Extell Development President Gary Barnett, the Rushmore and Carlyle Group co-founder William Conway (Rushmore image c/o CityRealty)

    A State Supreme Court judge ordered Extell Development and Carlyle Realty Partners to post an additional $5 million on top of a previously posted $1 million bond until a final ruling is reached in the protracted legal dispute at the Rushmore condominium.

    Extell and Carlyle, which developed the 289-unit condo at 80 Riverside Boulevard on Manhattan’s Upper West Side, had filed suit against former Attorney General Andrew Cuomo’s office to overturn a 2010 order that the developers refund $16 million in escrow deposits to 41 buyers.  [more]

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  • Upper West Side new developments, from left: the Laureate, the Rushmore, the Aldyn and 846 West End Avenue

    The median listing price for new development apartments in Manhattan is up 10 percent year-over-year to $1.486 million in May, according to Streeteasy.com’s new development May market report. Contract activity and median sales prices for new homes in Manhattan and Brooklyn have increased significantly year-over-year. Meanwhile inventory has declined, most significantly in Brooklyn, where it was 33 percent lower than it was a year ago, and 19 percent lower than six months ago. [more]

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  • Developers appeal Rushmore refund order

    February 15, 2012 04:30PM

    From left: the Rushmore at 80 Riverside Boulevard, Andrew Chung, principal at Carlyle Realty Partners and Gary Barnett, president of Extell Development

    Lawyers for Extell Development and Carlyle Realty Partners yesterday appealed a state Supreme Court order to refund $16 million in escrow funds to buyers at the Rushmore condominium on Manhattan’s Upper West Side.

    Justice Anil Singh ruled against the Rushmore developers, who filed a so-called Article 78 appeal against former Attorney General Andrew Cuomo, who in April 2010 ordered return of the condo deposits to 41 buyers at the 80 Riverside Boulevard tower. [more]

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  • From left: Rushmore, Aldyn and New York by Gehry (credit: Gehry Partners, LLP)

    Wall Street professionals are accounting for less business in the residential sales and rental markets, as banks slash pay and jobs, and brokerages have begun shifting their focus towards home hunters in the technology, media and entertainment industries.

    Citing data from Corcoran Sunshine Marketing Group, Crain’s reported that just 24 percent of the brokerage’s new luxury condominium buyers in 2011 worked in finance, compared to 35 percent in 2006 and 2007. [more]

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  • The Rushmore, Alex Rodriguez and Modlin Group President Adam Modlin

    Yankees slugger Alex Rodriguez has sold his Rushmore condominium for a significant profit just 10 months after buying it last March, the Wall Street Journal reported. Rodriguez put the unit on the market in October with Modlin Group President Adam Modlin for $8 million, seven months after he purchased it for $5.5 million[more]

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  • Goldstein Hill & West Architects, the architecture firm founded by Alan Goldstein, L. Stephen Hill and David West, former partners in Costas Kondylis’ firm, are beginning to forge an identity independent of the Kondylis legacy, according to Real Estate Weekly. Having completed all their remaining Costas Kondylis and Partners contracts, they’re opting for a more diverse range of projects, and looking outside New York. One of their most recent projects is Liberty Green, Milstein Properties’ residential building in Battery Park City…. [more]

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  • The Rushmore and violinist Pinchas Zukerman
    Pinchas Zukerman, a world-renown violinist and a teacher at the Manhattan School of Music, has gone into contract on a three-bedroom unit at the Rushmore condominium, with his wife, cellist Amanda Zukerman, the New York Times reported. The asking price for the 1,712-square-foot 23rd-floor apartment, at 80 Riverside Boulevard, was $2.734 million. The developers, Extell Development Company, who are involved in a $16 million escrow dispute at the building, would not disclose how much Zukerman paid…. [more]

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  • Rushmore and Extell’s Gary Barnett
    Lawyers for Extell Development and Carlyle Realty Partners, which operate together as CRP/ Extell, admitted to the state attorney general that they had no evidence to back up claims that a typographical error led to a $16 million escrow dispute at the Rushmore condominium, according to new documents filed in New York State Supreme Court. Attorney General Eric Schneiderman filed the evidence in response to an October 2010 suit by CRP/Extell that claimed the previous AG, Andrew Cuomo, erred in his April 2010 decision to order the Rushmore developer to refund deposits to 41individual buyers at the condo, at 80 Riverside Boulevard…. [more]

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  • A-Rod settles on $6M Rushmore pad

    February 18, 2011 09:24AM

    Alex Rodriguez and the Rushmore

    Yankees slugger Alex Rodriguez has inked a deal to buy a four-bedroom, full-floor spread at Extell Development’s Upper West Side condominium, the Rushmore. According to the Wall Street Journal, Rodriguez, who has been renting a $30,000-a-month condo at 15 Central Park West and has been spotted apartment and townhouse hunting all over town in recent months, will pay between $5.5 million and $6 million for his new digs. Given that a Rushmore apartment on a higher floor recently sold for more than that, the Journal suggested that it’s possible Rodriguez got a so-called “celebrity discount,” though he did pay more than the buyer of a similar apartment one year ago. … [more]

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  • Andrew Cuomo (top), Gary Barnett and the Rushmore
    A state Supreme Court judge ruled against former Attorney General Andrew Cuomo who filed to dismiss a lawsuit by developer Gary Barnett in the long running $16 million escrow fund dispute at the Rushmore condominium. The former AG argued that the developers, Barnett’s Extell Development and Carlyle Realty Partners, operating as CRP/Extell, missed a key deadline to challenge the April 9, 2010 ruling, in which Cuomo ordered them to refund deposits to 41 buyers at the 80 Riverside Boulevard building…. [more]

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  • Lawyers for Carlyle Realty Partners and Extell Development, the sponsors of the Rushmore condominium on the Upper West Side, said they plan to challenge last week’s order by Attorney General Andrew Cuomo to refund the deposits of 41 buyers, according to a court filing obtained by The Real Deal. In a letter to state Supreme Court Judge Debra James, lawyers for the sponsor, CRP/Extell, said they plan to file a so-called Article 78 that will challenge the AG ruling, and continue to argue that the disputed Sept. 1, 2008 rescission date was a “typographical error,” that should have been excused. “The AG decision concludes that certain purchasers have a right of rescission based on an obvious typographical error in a single digit in the 757-page offering plan for the Rushmore,” said Simpson Thatcher attorney Laura Murphy, who represents the two companies. The letter was in response to a demand by lawyers for Rushmore buyer Kelly Coffey to get documents and other evidence from CRP/Extell. Coffey, a managing director at JPMorgan Chase, is not one of the 41 buyers that complained to the AG, but filed a lawsuit in state Supreme Court seeking a return of her deposit…. [more]

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  • Kelly Mack, 36, is president of Corcoran Sunshine Marketing Group.
    Specializing in the planning, design, marketing, and sales of luxury
    residential developments, the company has generated over $9 billion in
    sales since she became president in 2006. Mack earned her MBA at New
    York University before joining Corcoran Sunshine, where she became
    executive vice president in 2004. Last year, Mack was named the
    first-ever Distinguished Young Alumna by New York University.

    Which amenities are popular in new buildings today, and how has that
    changed over the past year?

    Amenities still create value — that
    hasn’t changed. The strength of sales at a building like the Rushmore,
    one of the most amenitized buildings in Manhattan, demonstrates that new
    development buyers still want the complete package. That being said,
    are there other developers who are scaling back on amenities during
    predevelopment? Some are. 

    Compiled by
    Candace Taylor.[more]

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  • Condominium buyers at a luxury Harlem project filed court papers yesterday to begin an appeal of a recent decision that was the first ruling on the Interstate Land Sales Full Disclosure Act, or ILSA, in New York state in the last two decades. Buyers of two condo units at Uptown Partners’ 5th on the Park, the 160-unit condo development at 1485 Fifth Avenue at 120th Street, filed a notice of appeal in Manhattan federal court yesterday, the filing shows. They sought to overturn a decision issued Jan. 30 by federal judge Denise Cote who ruled that the developers of the project were exempt from the ILSA statute, thereby rejecting buyers’ efforts to break their contracts and get their deposits back. The federal ILSA law requires that developers who have divided land into 100 or more units, file a property report with the U.S. Department of Housing and Urban Development. Buyers must also be given a report before signing their contract. The little-known law has been used in dozens of cases in New York City where buyers are trying to back out of their contracts…. [more]

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  • Rushmore tops Corcoran Sunshine awards

    February 22, 2010 11:23AM

    From left: Corcoran Sunshine’s Kelly Kennedy Mack, Lynne Brown, Melissa Ziweslin, Graham Spearman and the Rushmore

    Corcoran Sunshine Marketing Group today announced the winners of its annual awards, with $1.6 billion in closed residential development sales in 2009. “In one of the toughest years in real estate history, $1.6 billion is a significant number,” Corcoran Sunshine President Kelly Kennedy Mack told The Real Deal. The award for sales team of the year was presented to Rushmore sales agents Lynne Brown, Jill Preschel, Graham Spearman, and Melissa Ziweslin, who closed over 100 unit sales at the project in 2009 and signed some $50 million in contracts during the fourth quarter alone. More inventory was sold and closed at Extell Development’s Rushmore condominium in 2009 than at any other development in the Corcoran Sunshine portfolio, Mack said, adding that the team demonstrated “a Herculean effort.”… [more]

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  • 470 Broome Street and Gary Barnett

    The owner of an Italian tile company went to court in December to stop Extell Development’s Gary Barnett from allegedly “looting” a Soho condo conversion the two had partnered on.

    Maurizio Placuzzi, the owner of Sicis, a high-end mosaic tile concern with a New York showroom at 470 Broome Street, filed an application for a temporary restraining order and injunction in New York State Supreme Court Dec. 12, 2009. The filing claims that Barnett was siphoning money from 470 Broome Development, the company he and Placuzzi had formed to convert the building, to Extell affiliates and projects.

    Barnett engaged in a pattern of “looting the assets of the company by engaging in self-dealing designed to benefit other affiliates of Extell and Barnett,” then concealing these activities, the application claims.

    According to an affidavit filed in support of the request, Barnett did this by “causing 470 Broome Development to pay expenses it was not liable to pay (including expenses wholly unrelated to 470 Broome Development’s operations and in fact related to other Extell projects.)”

    The application asks that Extell provide Sicis with all current and future documents created in relation to the conversion, and that Extell be prevented from paying any bills or invoices, except for common charges and taxes, without permission from Sicis. Barnett called the allegations “nonsense.”
    [more]

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