450 W. 15th St. and Larry Gluck

Thanks in part to an unusual piece of seller-financing, Jamestown Properties has closed on its $295 million purchase of the Milk Studios building from Stellar Management, city records show. Records filed with the city Friday show a transfer price of $284.4 million, but The Real Deal has learned that the sale price actually ticks in at $295 million. The New York Post reported in early December that the 281,361-square-foot property, located at 450 West 15th Street in the Meatpacking District, was approaching a sale for $300 million. [more]

Larry Gluck and 26 Vandam Street

Stellar Management has paid $6.1 million for a 21-unit rental building in Soho with the aim of adding air rights to its adjacent office project, known as One Soho Square, the Commercial Observer reported. The building at 26 Vandam Street came with 15,625 square feet of air rights.

Earlier this year, Larry Gluck’s Stellar and Imperium Capital paid $200 million for an office tower at 161 Sixth Avenue and another at 233 Spring Street. The firm plans to combine the two buildings, adding 80,000 square feet of office space to the 740,000-square-foot property – at an estimated cost of $75 million. [more]

Stellar’s Laurence Gluck and 450 West 15th Street

Stellar Management chief Laurence Gluck is preparing to sell the Milk Buidling, a 281,000-square-foot office property bordering the High Line, he said tonight.

Gluck, one of the city’s most renowned landlords, has enlisted the help of commercial brokers Doug Harmon and Adam Spies of Eastdil Secured to sell the property, which will likely come to market next year. Sources told The Real Deal that the building, at 450 West 15th Street, could trade for up to $300 million. Gluck revealed the news while on a panel at the Young Jewish Professionals real estate summit at Cooper Union. [more]

From left: 111 Kent Avenue and Laurence Gluck, founder of Stellar Management

[Updated at 3:20 p.m. with comment from Studley, Real Capital] Laurence Gluck’s Stellar Management and Largo Investments have sold 111 Kent Avenue, a 62-unit luxury rental building in Williamsburg, for just under $56 million, one year after the firm purchased the stalled project, sources told The Real Deal. [more]

From left: Shlomo Reuveni, the Windermere and the new Brooks Brothers

The Upper West Side is becoming more affluent, real estate brokers told the New York Daily News, and no where is that better reflected than in the neighborhood’s rising residential and retail rents. The News points to the Windermere, a rental building long in poor condition at 92nd Street and West End Avenue that Stellar Management recently upgraded. Apartments now rent for between $2,200 per month for a studio and $16,000 a month for a four- or five-bedroom home, under a marketing team led by Brown Harris Stevens’ Shlomi Reuveni. [more]

From left: Laurence Gluck and 233 Spring Street and 161 Sixth Avenue

Stellar Management President Larry Gluck closed on his purchase of two industrial office buildings in Soho and plans to combine the structures into a single tower, according to the New York Post. Gluck paid $200 million for the 16-story, 320,000-square-foot office building at 161 Sixth Avenue and the 10-story, 250,000-square-foot property at 233 Spring Street, both of which are off the corner of Sixth Avenue and Spring Street. [more]

Laurence Gluck, president of Stellar, and 49 Crown Street (credit: PropertyShark)

The former owner of a large Crown Heights rental apartment building called Tivoli Towers claims that office and residential landlord Laurence Gluck and two of his companies which bought the property in 2010, allegedly owe it $400,000 in connection with that transaction.

Donald Lentnek, who sold the 33-story Tivoli to Stellar for $9.5 million, filed the lawsuit this afternoon against Gluck, and two companies (Tivoli Stock LLC and Tivoli B.I. LLC) on behalf of himself; the estate of his late mother Betty Lentnek; and their company Tivoli Associates, seeking what Lentnek says were past due rents owed by tenants at the time of the sale. [more]

Larry Gluck’s Stellar Management has finalized a plan to partner with tenant Erez Shternlicht and replace a loading dock in Gluck’s Meatpacking District office building at 450 West 15th Street with a prime retail storefront.

The retail addition, that will sit just west of luxury clothing retailer Jeffrey New York on West 14th Street between Ninth and 10th avenues, is part of a larger approximately $60 million sale and lease transaction Milk Studio’s Shternlicht executed in two separate deals including the sale of the neighboring Mobil gas station.

Shternlicht said the extremely complicated deals would unlock millions of dollars in value for the Stellar Management building and influence the area by adding retail on 14th Street all the way to 10th Avenue. … [more]

The 62-unit rental building at 111 Kent Avenue is more than 50 percent leased after hitting the market last week, according to aptsandlofts.com, the exclusive marketers of the project. The building, between North 7th and North 8th streets in Williamsburg, was originally built as a condominium but was converted to rentals after Stellar Management purchased it from Garrison Investment Group for $43 million in March. Streeteasy.com shows asking rents are slowly beginning to rise on some of the listings, which currently start at $2,705 per month for a 728-square-foot one-bedroom. – Adam Fusfeld… [more]

Laurence Gluck’s Stellar Management made a deal with special servicer CW Capital Asset Management to extend the $265 million senior mortgage on Independence Plaza in Tribeca by two years, the Wall Street Journal reported, giving it time to see how a rent-stabilization lawsuit plays out. It’s the second such deal Stellar has made with creditors on the 1,332-unit complex.

Stellar partnered with Westbrook Real Estate Partners to purchase the complex at 80 North Moore Street in 2003 with the intent to raise rents by removing it from the Mitchell Lama program. The firm initially took out just a $66 million mortgage, but used more debt to make building improvements. … [more]