The Real Deal New York

Posts Tagged ‘stellar management’

  • From left: Larry Gluck and rendering of pool at 666 West End Avenue

    From left: Larry Gluck and rendering of pool at 666 West End Avenue

    A landlord of an Upper West Side building is renting out a newly installed pool to a business that provides swim lessons to kids — a move that’s seen as an affront to rent-regulated tenants banned from using it themselves. [more]

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  • Renderings of One Soho Square

    Renderings of One Soho Square

    Stellar Management and Rockpoint Group have unveiled a first glimpse at One Soho Square, a planned office project that will roll 161 Avenue of the Americas and 233 Spring Street into one. [more]

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  • Laurence Gluck and 252 West 76th Street

    Laurence Gluck and 252 West 76th Street

    Laurence Gluck bought a 50 percent interest in the corporation that owns two Upper West Side rental buildings on West 76th Street, a source familiar with the transaction told The Real Deal. The deal for 250 West 76th Street — a four-story, 4,868-square-foot building, and 252 West 76th, an 11-story, 50,600-square foot building — closed during the fourth quarter of last year. [more]

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  • stellar-gluck

    Riverton Houses at 2156 Madison Avenue and Laurence Gluck

    Stellar Management founder Laurence Gluck is in talks to buy out his longtime investment partner in several New York City properties, Robert Rosania, according to Crain’s.

    Stellar principal Rosania sued Gluck late last year, claiming that Gluck withheld financial records and unjustly enriched himself through a company the two owned together, called Stellar Aries Investor. Rosania sought compensatory damages in the suit. But the duo is now attempting a cordial split, Crain’s said. [more]

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  • milk

    450 West 15th Street and Kyle Ciminelli

    Jamestown Properties has signed up biopharmaceutical firm Intercept as a new tenant at the Milk Studios building, a 281,000-square-foot, eight-story office property bordering the High Line in the Meatpacking District.

    Intercept, which develops medicine to treat chronic liver disease, agreed to a 10-year, 11,124-square-foot lease for part of the fifth floor at 450 West 15th Street between Ninth and 10th avenues. The deal includes a commitment to expand by 9,500 square feet next year. Rent starts in the low-$70s per square foot in the second year, after one year of free rent. [more]

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  • gluck-stellar-lawsuit

    From left: Laurence Gluck, 161 Sixth Avenue, 233 Spring Street and Steven J. Cohen

    Stellar Management’s plans to combine two Soho office buildings into one sizable tower have hit a roadblock: A tenant that occupies space in both properties has sued the landlord to stop the project. [more]

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  • From left: Jared Kushner, Two Rector Street and Laurence Gluck

    From left: Jared Kushner, Two Rector Street and Laurence Gluck

    A partnership between the Kushner Companies and CIM Group has paid $140 million to Stellar Management’s Laurence Gluck and Savanna Real Estate Fund for a Lower Manhattan office tower at 2 Rector Street, the New York Post reported.

    Located on the southeastern side of the World Trade Center between Trinity and Greenwich Streets, the 465,000-square-foot, 26-story tower sold for $300 per square foot. [more]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • UWS is gaining a high-end rep

    May 11, 2012 09:30AM

    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]

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  • 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]

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  • 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]

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  • 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]

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  • Days into marketing, 111 Kent is 50% leased

    September 28, 2011 03:36PM

    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]

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  • 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]

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  • The final tower in the Columbus Square development at 805 Columbus Avenue and 100th Street is now open and available for lease, according to a statement released today by the Chetrit Group and Stellar Management.

    The 15-story tower with 63 apartments is one of the five rental buildings that make up the Columbus Square development. The other towers are at 795 Columbus Avenue, 808 Columbus Avenue, 801 Amsterdam Avenue and 775 Columbus Avenue, with 710 rental units in total. The development also includes 500,000 square feet of retail and community space.
    – Miranda Neubauer
    [more]

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  • 111 Kent now available as rental

    August 29, 2011 02:00PM

    The Williamsburg property at 111 Kent Avenue has now hit the market as a rental, Brownstoner reported.
    Asking rents at the building, between North 7th and North 8th streets, range from $2,705 to
    $4,519 a month. In 2009, the building was on the
    market as a condominium, and prices ranged from $575,000 to $1.1 million. It
    was converted into a rental after being purchased by Laurence Gluck’s
    Stellar Management this March
    . The waterfront property also features an outdoor
    swimming pool, roof deck and courtyard.
    [Brownstowner] 

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  • Commercial real estate brokerage Holliday Fenoglio Fowler has closed a $98.25 million loan sale secured by the leasehold interest of 1140 Sixth Avenue to affiliates of investment firm the Blackstone Group, they announced today.

    Earlier this year, Blackstone beat out 30 other bidders to grab the building, at that point owned by Stellar Management and Rockpoint Group, at auction. The approximately 191,000-square-foot building has a value of around $523 per square foot, The Real Deal reported in March. TRD[more]

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