The Real Deal New York

Posts Tagged ‘stuart saft’

  • How to take apart a co-op

    September 08, 2015 09:30AM
    From left: Stuart Saft and

    From left: Stuart Saft and 150 East 78th Street on the Upper East Side

    In yet another indication of the searing heat of the city’s residential market, developers are making bids to buy out supermajorities of co-op shareholders, collapsing the cooperatives and opening the way for conversions.

    At buildings like 253 West 28th Street in Chelsea and 150 East 78th Street and 1025 Park Avenue on the Upper East Side, developers aim to accumulate a large proportion of co-op shares, usually 75 percent, which triggers an automatic rental conversion of the remaining units. [more]

  • Cohen-Missry-Polevoy-One57

    From left: Bruce Cohen, Morris Missry, Martin Polevoy and One57 at 157 West 57th Street (Photo credit: John Cahill)

    Within the lofty heights of New York City commercial and residential real estate world, it’s often a given that as the prices rise, the number of industry professionals equipped to service such buyers and sellers, declines. [more]

  • From left:

    From left: Stuart Saft, Jason Haber and Shaya Boymelgreen

    From the June issue: In this month’s in their words feature, we hear from attorney Stuart Saft, who touches on the environmental impacts of his job. Developer Shaya Boymelgreen talks about how $50 million in judgments against his company has left him hard-pressed for money. Lastly, Warburg Realty’s Jason Haber coins a new term for buyers’ frustration with low inventory levels. [more]

  • From left: Jay Neveloff, Robert Ivanhoe and Stuart Saft

    From left: Jay Neveloff, Robert Ivanhoe and Stuart Saft (credit: STUDIO SCRIVO)

    From the June issue: When the $1.1 billion sale of the Sony Building at 550 Madison Avenue closed last year, a slew of lawyers from a handful of firms were scattered around Manhattan in their offices listening in on speakerphone. [more]

  • Jean Nouvel and a rendering of 18 Nouvel in Singapore

    Jean Nouvel and a rendering of 18 Nouvel in Singapore

    Developers with big-ticket projects across the globe are increasingly targeting New Yorkers. So far this year, 13 offering plans for non-New York projects have been filed in the state, compared with only six in all of 2012, according to the New York State Attorney General’s office. The number is well below the 46 offering plans filed for non-New York projects in 2007 at the height of the market, however. [more]

  • Stuart Saft

    Stuart Saft

    Veteran real estate lawyer Stuart Saft has been tapped to chair the New York real estate practice at Holland & Knight, only 13 months after joining the firm, Law360 reported.

    While at Holland & Knight, Saft — who was formerly at Dewey & LeBoeuf and has been involved in many of the city’s largest deals over the past two decades – worked on Starwood Capital Group’s Baccarat Hotel deal as well as a 34-story hotel that Starwood is developing in conjunction with the Moinian Group. He has also been advising Ziel Feldman’s HFZ Capital Group on its Halcyon project in Turtle Bay. [more]

  • From left: Yaira Singer, Matthew Binstock and 401 East 86th Street

    From left: Yaira Singer, Matthew Binstock and 401 East 86th Street

    An Upper East Side couple has filed a lawsuit against drug store Duane Reade and their building’s co-op board over the planned installation of an 8-foot-high air conditioning unit, claiming it will block their duplex’s view, the New York Post reported. Moreover, the air conditioner, which would be located just outside the couple’s home, would allegedly hurt the property’s value. [more]

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  • 464 Broome Street in Soho

    Updated, 2:34 p.m., Apr. 15: The effects of a 2007 change in a federal tax regulation known as the “80-20 rule” are only now trickling in, and could drop maintenance fees and prove lucrative for co-op owners, the New York Times reported.

    The “80-20 rule” stipulated that in order to qualify for co-op status and the resulting tax benefits, co-ops have to make at least 80 percent of their gross income from tenant-shareholders, which meant only 20 percent could come from sources such as ground-floor retail space rents. Consequently, buildings often charged below-market rents for their commercial spaces.  [more]

  • The biggest real estate blunders of 2012

    December 26, 2012 01:00PM

    From left: the One57 crane, the West Harlem building collapse and the Domino Sugar plant

    Some of New York City’s real estate professionals probably can’t wait to see 2012 in the rear view mirror. Between the Grubb & Ellis bankruptcy, Extell Development’s crane collapse and Katan Group’s bungled sale in Brooklyn, some of the highest-profile firms and developers stubbed their collective toes at some point this year. [more]

  • Life after Dewey & LeBoeuf

    June 11, 2012 10:30AM

    Stuart Saft

    From the June issue: By the time Dewey & LeBoeuf filed for bankruptcy late last month, nearly every attorney from its once-formidable real estate practice had jumped to a new firm. In doing so, they scattered its roster of impressive clients, irrevocably altering New York City’s legal landscape.

    Stuart Saft, the former chair of Dewey’s global real estate practice and an icon in the world of New York real estate, led the exodus. In late April, he decamped for Holland & Knight along with seven Dewey associates, three paralegals and two legal secretaries. [more]

  • Saft flees Dewey for Holland & Knight

    April 30, 2012 07:19PM

    Stuart Saft

    Veteran attorney Stuart Saft will join the law firm of Holland & Knight after resigning this afternoon as head of the global real estate practice at Dewey & LeBoeuf, The Real Deal has learned. Saft will begin his new position tomorrow as co-chair of Holland & Knight’s New York real estate practice, sharing the duties with existing real estate leader Martin “Marty” Miner, who leads a team of about a dozen lawyers there.

    “Stuart’s one of the preeminent real estate practitioners in New York,” Miner told The Real Deal. “He’s just a great addition to our group.” [more]

  • Stuart Saft, chairman of Dewey’s real estate division

    Greenberg Traurig has ended talks on a possible deal to rescue law firm Dewey & LeBoeuf as it faces a possible bankruptcy filing this coming week and an investigation by the New York district attorney’s office.

    International law firm Greenberg Traurig was seen as the best chance of saving Dewey from a bankruptcy filing or even the dissolution of the firm, while it races to negotiate an extension with lenders, including Citigroup, HSBC, Bank of America and JPMorgan Chase, on a $100 million line of credit. [more]

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  • From the April issue: Stuart Saft is a partner at law firm Dewey & LeBoeuf and chair of the firm’s global real estate department. One of the country’s leading commercial and residential real estate lawyers, he’s been elected to the American College of Real Estate Lawyers and listed in “Who’s Who in America,” “Who’s Who in American Law” and “Who’s Who in the World.” Handling financial syndication, sale-leasebacks and the acquisition and sale of residential, commercial and hospitality properties, he has represented developers like Swig Equities at the Sheffield, the Feil Organization at the Apthorp and the Moinian Group at the W Downtown Hotel and Residences. [more]

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  • Stuart Saft, head of the real estate practice at Dewey & Leboeuf

    Dewey & Leboeuf, a law firm with one of the city’s largest real estate practices, responded to the many news reports of financial and personnel trouble at the organization today by assuring clients that the real estate practice is largely unaffected.

    An email today from Stuart Saft, partner and chair of the real estate department at Dewey, to his clients, obtained by The Real Deal, said that “none of the real estate partners are involved, none of the disaffected partners are real estate partners and none of the disaffected partners nor their staffs ever performed any work for the real estate department’s clients.” [more]

  • Stuart Saft

    A massive law firm with one of the largest real estate practices in the city, Dewey & Leboeuf, is facing financial distress, that the New York Times attributed to the changing structure of big law firms.

    The firm, whose real estate division is headed by Stuart Saft, cut 5 percent of its lawyers and 6 percent of its staff, 19 of its 300 partners have left since January and 12 more are expected to leave. [more]

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  • Where’s the homebuyer boom?

    February 28, 2012 01:30PM

    From left: Stuart Saft of Dewey & LeBoeuf', Diane Ramirez, president of Halstead Property, Andrew Berman, director of the Center for Real Estate Studies at New York Law School, Jonathan Miller, CEO of Miller Samuel, and Lockhart Steele, founder of Curbed

    Why aren’t more people buying residential real estate? That was a question posed today by Jonathan Miller, CEO of the appraisal firm Miller Samuel, at the third annual breakfast forum organized by the New York Law School’s Center for Real Estate Studies.

    Miller was one of four industry experts — along with Stuart Saft, chair of Dewey & LeBoeuf’s real estate department; Diane Ramirez, president of Halstead Property; and Lockhart Steele, founder of the blog Curbed — asked to whip out their crystal balls to discuss the future of New York City real estate at the law school’s campus at 185 West Broadway in Tribeca. [more]

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    From left: Donald Trump, president of the Trump Organization, Dottie Herman, president of Prudential Douglas Elliman, Elizabeth Stribling, president of Stribling & Associates, Stuart Saft, chairman of Dewey & LeBoeuf’s global real estate department, and Frederick Peters, president of Warburg Realty Partnership, and Lois Weiss, real estate columnist for the New York Post

    Compiled by Lauren Elkies

    In the wake of Sandy Weill’s reported $88 million sale of his 15 Central Park West penthouse, The Real Deal wanted to touch base and see if real estate executives had any last minute predictions for the New Year since speaking with the magazine for the December residential market report.

    Dottie Herman, president of Prudential Douglas Elliman, and Frederick Peters, president of Warburg Realty Partnership, said to expect 2012 to be a bit of a repeat of 2011, while developer Donald Trump said “really good real estate will have excess value.” Elizabeth Stribling, president of Stribling & Associates, predicts a “continuing strong demand for new condominium offerings all over town,” while Stuart Saft, chairman of Dewey & LeBoeuf’s global real estate department, said “the euro will continue to be in trouble causing a flight to safety to the U.S. and particularly New York City, so New York City properties will trade at even lower cap rates.” Meanwhile, Citi Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman recently told amNY that 2012 would bring more development and fewer amenities to New York City’s real estate market. [more]

  • Video highlights from TRD’s 2011 forum

    November 22, 2011 11:17AM

    At The Real Deal‘s seventh annual forum last week’s at Lincoln Center’s Avery Fisher Hall, real estate pros gathered to watch debates between real estate attorneys Adam Leitman Bailey of the eponymous firm and Stuart Saft, chair of law firm Dewey & LeBoeuf’s global real estate department; developer Billy Macklowe of William Macklowe Company and John Catsimatidis, CEO of the Red Apple Group; and Frederick Peters, president of Warburg Realty, and Lockhart Steele, founder of Curbed. In attendance were Faith Hope Consolo, chairman of Prudential Douglas Elliman’s retail leasing and sales division, Jonathan Miller, president of appraisal firm Miller Samuel and Andrew Barrocas, CEO of brokerage MNS, all of whom stepped outside to talk to The Real Deal about the state of the market (see video above). — Katherine Clarke


  • alternatetext
    Steven Baum
    Big changes could be coming to the New York State foreclosure process now that law firm Steven J. Baum, which handled about two out of every five foreclosure cases in the state, has shuttered, the International Business Times said.

    Baum announced it was closing yesterday, after being investigated by the U.S. District Attorney and blacklisted by Fannie Mae and Freddie Mac for allegedly mishandling foreclosure documents. The firm also generated controversy when photos of employees dressed as foreclosure victims were recently published in the New York Times. … [more]

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  • Is it any wonder that two litigators stole the show at The Real Deal’s seventh annual forum, which was structured as a debate between three sets of real estate professionals? (See a few photos from the forum above and look for the December issue for more.) Attorney Adam Leitman Bailey of the eponymous firm and Stuart Saft, chair of the real estate department at Dewey & LeBoeuf, faced off on whether litigation is harming New York City real estate — an animated discussion that had Bailey angling to settle a dispute with Saft from the podium (for a client with cancer) and Saft accusing Bailey of hurting the city with his tactics.

    “When you litigate without thinking of the consequences and the macro [effects], it hurts the city of New York,” Saft said. … [more]