The operator of the Mondrian Soho has filed a lawsuit to keep the trendy hotel in its portfolio following the hotel’s foreclosure and subsequent sale. [more]
Posts Tagged ‘sapir organization’
Tamir Sapir, a Soviet émigré who made his fortune bartering fertilizer and oil in the 1980s and invested in New York City commercial real estate during the recession of the early 1990s – founder of the Sapir Organization – died Friday.
A funeral service for Sapir, who had been in ill health for several years, was held Sunday at Riverside Memorial Chapel. His son Alex Sapir, appointed president and chairman of the family firm in 2006, has long been its public face. [more]
The Sapir Organization’s Rotem Rosen and Alex Sapir, in partnership with Buddha Bar founder and owner Gerard Guez, purchased the Mondrian Soho hotel for $205 million. [more]
Yelp, the online review website used by millions of New Yorkers and tourists to navigate the Big Apple, is finalizing a 140,000-square-foot office in the city, The Real Deal has learned. The company is in advanced discussions with the Sapir Organization and CIM Group to take the entire 14th and 16th floors of the 30-story tower at 11 Madison Avenue, located between 24th and 25th streets. [more]
Credit Suisse has renewed its mammoth lease at the Sapir Organization’s 11 Madison Avenue. The bank will, however, downsize from its current 1.96 million square feet to about 1.2 million square feet, paving the way for Sony to take about 520,000 square feet on the upper floors of the building.
In a deal worth about $1.8 billion, Credit Suisse signed a 20-year deal for the space, which had asking rents of $70 per square foot. [more]
A replica of Bayrock/Sapir’s Trump Soho hotel may be Moscow’s first big new hotel in ten years. [more]
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.