A replica of Bayrock/Sapir’s Trump Soho hotel may be Moscow’s first big new hotel in ten years. [more]
Posts Tagged ‘sapir organization’
Electronics giant Sony, fresh off the sale of its $1.1 billion headquarters at 550 Madison Avenue to the Chetrit Group, is moving to the Sapir Organization’s 11 Madison Avenue.
Sony will take 500,000 square feet at the very top of the 2.3 million-square-foot, 30-story tower between East 24th Street and 25th Street that overlooks Madison Square Park, sources told the New York Post. While no lease has been inked, Sony does have a term sheet, the sources added. [more]
The developers of the Trump Soho are being accused by the city of failing to file annual audits that they agreed to as a condition for building on land not zoned residential. [more]
Signature Bank has signed a renewal and expansion deal at 261 Madison Avenue, increasing its presence at the Sapir Organization-owned building to 28,000 square feet, Real Estate Weekly reported. [more]
The owners of 11 Madison Avenue have decided not to sell the Midtown South office building, and are concentrating on renewing major tenant Credit Suisse’s lease instead, Crain’s reported. The Sapir Organization and CIM Group had been looking to sell the 2.2-million-square-foot tower for $1.5 billion, which could have been one of the city’s largest office sales to date.
Though Sapir and CIM had apparently generated lucrative offers for the property, between East 24th and East 25th streets, the owners said they would generate higher profits by renewing a lease with Credit Suisse, which occupies more than three-quarters of the building. The lease expires in 2017. [more]
The 2.3 million-square-foot office tower at 11 Madison Park is set to hit the market seeking a sales price of $1.5 billion, the Wall Street Journal reported. CIM Group and the Sapir Organization have tapped a CBRE Group team led by the firm’s vice chairwoman, Darcy Stacom.
Sapir bought the building in 2003 for $675 million; in 2010 CIM Group purchased a 49 percent stake in the property for $469 million. The building is about 80 percent occupied by Credit Suisse, which pays a below-market rental rate of $19 per square-foot. That lease expires in 2017. [more]
Once the butt of jokes, 100 Church Street is now completely stabilized under the stewardship of SL Green Realty, according to the New York Post. SL Green just landed an early, 20-year renewal from the city’s Law Department for 372,520 square feet at the 1 million-square-foot-plus building, between Park Place and Barclays Street. In addition to bringing the tower to 82-percent-occupied, SL Green also refinanced the building with a 10-year, $230 million fixed-rate loan. [more]
The Sapir Organization, the developer of Manhattan’s Trump Soho, is planning to put the hotel and its unsold condominium units on the auction block, Bloomberg News reported. The company, which developed the property with Bayrock Group at Varick and Spring streets, has hired brokerages Eastdil Secured and Jones Lang LaSalle to market the properties.
Prospective buyers will receive necessary information about the auction today, said Alex Sapir, president of the Sapir Organization; the auction will likely take place later in the spring. [more]
From left: Adam Leitman Bailey, Julius Schwarz, executive vice president of the Bayrock Group, Sapir Organization CEO Alex Sapir and the Trump Soho
Ten Trump Soho buyers are getting a 90 percent refund on their deposits
after filing a suit against the Bayrock Group and the Sapir Organization
alleging they misrepresented sales figures (note: corrections appended). The New York Post reported that a federal lawsuit filed by the buyers against the building’s sponsors was settled yesterday, and they will get 90 percent of the $3.16 million in deposits they combined to have put down on $16.914 million worth of apartments. The buyers claim to have been told as many as 60 percent of the units were sold, when at the time just 16 percent of the hotel-condo units in the building, at 246 Spring Street, were actually sold. Adam Leitman Bailey represented the buyers. … [more]
From left: Elliman’s Fredrik Eklund and Raphael De Niro, Prodigy Network’s Rodrigo Nino and Trump Soho
After months of speculation, Prudential Douglas Elliman officially got in on the marketing act at Trump Soho, according to Real Estate Weekly. The Real Deal previously reported the hotel-condominium’s developers and lenders were considering replacing the current Prodigy Network-led team with Elliman brokers. According to Real Estate Weekly, Elliman’s Raphael De Niro and Fredrik Eklund will “spearhead” the domestic sales effort for the unaccounted for apartments in the 346-unit tower, while keeping Prodigy in tow. According to Prodigy President Rodrigo Nino, 21 units have entered contract and 19 units have closed since the team unveiled lower prices in the Sapir Organization and Bayrock Group-developed building in late February. … [more]
About 100 real estate professionals filed in to the Trump Soho’s lone duplex penthouse last week, to preview the building’s 11 new-to-the-market, two-bedroom, two-and-a-half bathroom penthouses, which range from $2.5 million to $8.7 million (see photo gallery above). Cocktails and hors d’oeuvres were provided by the Quattro Gastronomia Italiana, a restaurant located inside Trump Soho. The 46-story building at 246 Spring Street, which was developed by the Sapir Organization and Bayrock Group, has 391 hotel-condo units. TRD… [more]
The developers of Trump Soho have entered a legal imbroglio against the
Rockwell Group, alleging in a new lawsuit that the interior design firm failed
to meet building codes and cost the property more than $1.5 million in
damages for delays and replacement costs to complete their work.
The complaint, filed this past Friday in New York state Supreme Court,
came just two days after Rockwell sued the Bayrock Group and Sapir
Organization, alleging the Trump Soho developers failed to pay for $1.5
million in interior design work at the building.
Bayrock/Sapir, which developed the 391-unit hotel-condominium at 246
Spring Street, contends the design firm placed furnishings too close to
light fixtures and provided interior construction documents that were out of
compliance with Americans with Disabilities Act requirements…. [more]
When the developers of Trump Soho built the 46-story hotel-condo in Hudson Square, they were allowed to build 20 percent bigger than zoning would typically allow by vowing to build an 8,161-square-foot plaza. According to the Villager, one year after the building opened, the developers now want to take back some of that space for outdoor seating for the Quatro restaurant on the hotel’s ground floor. Trump Soho representatives presented the plan before Community Board 2, which plays an advisory role in the City Planning Commission’s decision, arguing that the plaza attracts little public use and the cafe would invite people into the public space. … [more]
It’s still unclear whether rumors about 100 Church Street’s big deal with Sirius XM Radio are true, but in the meantime, the Anne Frank Center USA has definitely signed on to lease space in what was once known as New York City’s emptiest office building. According to the Wall Street Journal, the non-profit organization has taken 2,500 square feet of ground-floor space at the building, and will open in time for the 10-year anniversary of the Sept. 11 terrorist attacks this year. The Anne Frank Center, which describes itself as “a community center
that promotes tolerance and human rights,” is currently located on
Crosby Street but is looking forward to bringing that message closer to
Ground Zero, said co-chair Deborah Chapin. The space is also around the
corner from the site of the controversial proposed Islamic community
center known as Park51…. [more]
[Updated 1:15 p.m., April 15, 2011 from a previous version of the story] Trump Soho hotel-condo recently entered discussions with a number of brokers, including Prudential Douglas Elliman, on a potential deal to replace Prodigy International, according to sources familiar with the discussions.
Developers and lenders have been in furious discussion about how to revive sales at the luxury tower, located at 246 Spring Street, following a 2010 deal with Los Angeles-based CIM Group to recapitalize more than $295 million in debt.
When asked about this last week, Elliman declined to comment, while a spokesperson for Trump Soho denied the move. “There has been no change in the sales and marketing team,” the spokesperson said.
Sirius XM Radio is setting its sights on SL Green’s 100 Church Street, potentially making it the latest in a string of Midtown media companies decamping to Lower Manhattan (see also: Conde Nast, the Daily News, National Enquirer parent company American Media). According to the Observer, Sirius is looking to take more than 250,000 square feet of office space at the building, or 180,000 square feet of contiguous space, though it’s not a done deal just yet. A major new tenant like Sirius would be a boon for SL Green, which purchased 100 Church Street, once derided as the emptiest building in Manhattan, from the Sapir Organization last January. … [more]
A commission dispute over the most expensive single residential purchase of 2010 has been settled, and Brown Harris Stevens brokers Paula Del Nunzio and Shirley Miller are now getting an undisclosed amount for their role in the $44 million sale of Tampir Sapir’s Duke Semans Mansion on Fifth Avenue, according to the Post. Sapir sold the 19,500-square-foot property to billionaire Carlos Slim earlier this year — two days after Del Nunzio and Miller’s exclusive listing agreement expired. … [more]
William Beaver House, the André Balazs-designed Financial District condominium that was just bailed out by the Los Angeles-based CIM Group, is going partially rental under its new ownership.
The 333-unit tower, which had been facing a foreclosure lawsuit prior to the takeover, was part of a three-piece deal in which CIM agreed to buy the debt on two troubled Sapir Organization buildings (Trump Soho and Beaver House) and take an equity stake in another (11 Madison Avenue), sources said. As the Wall Street Journal reported earlier today, CIM purchased the loan on over 200 unsold condos at the Beaver House and subsequently took ownership through a deed-in-lieu of foreclosure.
Los Angeles-based investment firm CIM Group has picked up an equity stake in yet another Sapir Organization-developed property, 11 Madison Avenue, according to the Wall Street Journal. The news comes on the heels of CIM’s deal to purchase a stake in both the Trump Soho and William Beaver House. CIM is buying the property, which overlooks Madison Square Park and serves as the headquarters for Credit Suisse, for an undisclosed amount…. [more]
William Beaver House and Andre Balazs
Another iStar-backed Sapir Organization project is getting a shot in the arm from Los Angeles-based CIM Group. According to the Post, CIM has purchased the $60 million face-value loan on 209 unsold condominiums at the Financial District’s William Beaver House for an undisclosed price. It’s unclear whether iStar will maintain a stake in the project, designed by Andre Balazs at 15 William Street. Last week, CIM helped Sapir and partner Bayrock Group pay down iStar’s debt on their Trump Soho condominium-hotel. [Post] … [more]