From left: Stephen Schwarzman, Richard LeFrak, Sam Zell, Leonard Stern, Stephen Ross

Blackstone President Stephen Schwarzman, Richard LeFrak, Equity International Chairman Sam Zell and Related Companies Chairman Stephen Ross were just some of the big players in New York City real estate to make Forbes’ list of the world’s 1,226 billionaires released yesterday.

But none can match the wealth of the man who has the final say on whether many of their ambitious city projects ultimately get built: Mayor Michael Bloomberg. [more]

Sheldon Solow (top), Gary Barnett and 12 West 57th Street

Sheldon Solow outdueled his West 57th Street rival and acquired an office building on the block at a near record price.

The New York Post reported Solow, who developed 9 West 57th Street, bid $120 million for 12 West 57th Street to beat out One57 developer Gary Barnett, president of Extell Development, for the 12-story property. The price works out to more than $1,400 per square foot, which the Post said was nearly a record high for Manhattan office space, however PropertyShark.com data show that more than 53,000 of the building’s 81,174 square feet is dedicated for retail. [more]

Sheldon Solow

Developer Sheldon Solow has lost a legal appeal to overturn a $98.9 million judgment against him in a suit brought by Citigroup in 2008, Bloomberg News reported.

Citibank filed the $86 million suit against Solow for allegedly failing to pay back loans and letters of credit issued in 2004 to finance a development project along First Avenue, between 38th and 41st streets. [more]

Sheldon Solow, owner of 9 West 57th Street, is planning to carve the 30,000-square-foot, 49th floor of the skyscraper into four pre-built office units to lease at pre-recession rents of $200 per square foot, the New York Observer reported.

Solow drew up the plans just before Christmas, according to Scott Panzer, a leasing broker at Jones Lang LaSalle who took over leasing for at the building last year. The units, which will range in size from 5,000 square feet to 12,000 square feet, will appeal to smaller users, Panzer said, such as hedge funds and private equity firms. [more]

From left: Sheldon Solow and 9 West 57th StreetDeveloper Sheldon Solow has obtained a $625 million loan on 9 West 57th Street from Deutsche Bank, which beat out AIG and JPMorgan Chase to provide financing for the trophy property, Bloomberg News reported.

The loan refinances debt set to mature in February that Solow took out at the height of the bubble in 2007. About $55 billion of property loans are set to come due in 2012, and $19 billion of them were originated at the height of the bubble. But most of them will struggle to refinance, Standard & Poor’s predicted, as property values have decreased about 42 percent from the peak.

In this case, several parties competed for Solow’s refinancing because of the location and prestige of the building, exemplifying the demand for prime buildings, Bloomberg said. [more]

From left: 11 Times Square, 9 West 57th Street and 1333 Broadway (building credit: PropertyShark)

While global economic concerns have landlords of vacant U.S. retail spaces scrambling for any tenant, in Manhattan, landlords are patiently awaiting the perfect tenant for their trophy spaces, the Wall Street Journal reported.

For example, it’s not for lack of interest that the 55,000-square-foot retail space in SJP Properties’ 11 Times Square, at 42nd Street and Eighth Avenue, has sat vacant for two years. Rather the developer wants to land a big-name and raise the profile of the one million-square-foot tower. [more]

Top row from left: Solow Building Owner Sheldon Solow, Boston Properties Chairman Mort Zuckerman, LeFrak Organization Chairman Richard LeFrak, investor John Paulson; Bottom row from left: Donald Trump, Tishman Speyer Chairman Jerry Speyer, Blackstone Group Founder Stephen Schwarzman, Red Apple Group CEO John Catsimatidis and Related Companies Founder Stephen Ross

Of the 63 New York City residents to make Forbes new list of the 400 richest people in America at least 13 are closely tied to the real estate industry. For example, the third richest New Yorker, right after businessman David Koch and Mayor Michael Bloomberg, is John Paulson, who made billions betting against the housing market right before the crash. He’s the 17th richest person in the country, according to Forbes, with a net worth of $15.5 billion.

The 60th richest American is New York City real estate magnate Richard LeFrak, who is worth $5 billion thanks in part to the large housing developments he owns. He’s 10th among city residents. [more]

From the August issue:

Click the image for more

Compiled by Russell Steinberg [more]

Sheldon Solow

Developer Sheldon Solow met with city officials last week in a last-ditch effort to plead his case for constructing the new United Nations building to make better use of nine acres he owns along First Avenue just south of the current United Nations site, Crain’s reported.

Solow’s plan to construct seven towers on his property has stalled, so he wants the city to consider it for the United Nations project, Crain’s said. Solow proposes that the city build the new tower on his nine-acre site, or across the street from the current U.N. building, at Robert Moses Playground on First Avenue and East 42nd Street, and replace the playground on his property. Solow already sold part of his massive First Avenue holdings to the city for $33 million in 2010. [more]

Top row, from left: Stephen Ross, Leonard Stern, Richard LeFrak. Bottom row, from left: Donald Trump, Steven Ross, Mort Zuckerman.

With a net worth of $22 billion, David Koch, executive vice president of consumer products conglomerate Koch Industries, is the richest man in New York, beating out the $18.1 billion Mayor Michael Bloomberg, who’s runner-up for that title, and the $16 billion hedge fund king John Paulson, in third. But according to Forbes’ 2011 list of the world’s billionaires, New York is home to a whopping 68 individuals with net worths in the 10- and 11-digit range, and naturally, many of them made their fortunes in New York City real estate (see The Real Deal’s November 2010 cover story, “Billionaire’s real estate club”). Click here for the latest list of the industry’s richest. TRD
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