The Real Deal New York

Posts Tagged ‘Terra’

  • 137 Fifth Avenue, Brooklyn

    A boutique condo-turned-rental development at 137 Fifth Avenue in Park Slope has hit the market this week with an asking price of $4 million, according to the exclusive marketer, TerraCRG.

    A spokesperson for Terra indicated that the current owner, Martin Handler, is also the building’s developer. The 6,830-square-foot building offers four market-rate residential apartments as well as ground‐floor retail space, according to a statement from Terra. [more]

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    From left, Prudential Douglas Elliman’s Dottie Herman, Halstead Property’s Greg Heym and the Corcoran Group’s Pamela Liebman
    The volume of Manhattan home sales declined at least 12 percent in the fourth quarter of 2011, although prices continued to hold steady, according to quarterly reports issued today by the city’s largest residential real estate brokerages. Experts proffered a host of explanations for the drop in sales activity, from global economic chaos to low inventory levels to financing issues for buyers in the middle of the market…. [more]

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  • Zeckendorf buying 740 Park pad for $27M

    November 03, 2011 11:22AM

    William Zeckendorf, co-developer of 15 Central Park West and a co-owner of Terra Holdings, parent company of Halstead Property and Brown Harris Stevens, has gone into contract to buy a two-bedroom, 17th-floor apartment at 740 Park Avenue, a building once owned by his grandfather, for $27 million, the New York Post reported.

    The 10-room apartment is owned by video game magnate Gregory Fischbach and his wife Linda, who bought the apartment in 1994 for $6.3 million. It was once owned by John D. Rockefeller, who planned to join the unit with his duplex below but never did.

    Zeckendorf has been busy maneuvering his personal real estate assets of late…. [more]

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    William Zeckendorf and 927 Fifth Avenue

    William Lie Zeckendorf could probably teach his legion of real estate brokers a thing or two about doing a deal. According to the New York Observer, the co-owner of Terra Holdings, parent company of Halstead Property and Brown Harris Stevens, flipped the top half of a 927 Fifth Avenue duplex for as much as $5 million profit in a matter of six months.

    Sources told the Observer that the five-bedroom spread sold for “well over” its $31.5 million asking price, and may have even brought in more than $34 million. Zeckendorf paid $29.1 million for the portion of Bruce Wasserstein’s old duplex in a one-day auction in December. BHS’ John Burger brokered the deal but wasn’t available for comment…. [more]

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    Chart of Manhattan sales prices. Click to expand (source: Halstead Property)

    The Manhattan residential real estate sales market can best be characterized as stable, according to second-quarter reports issued by the city’s largest real estate brokerages, signaling strength amidst an uncertain economic climate elsewhere in the country. Reports from Prudential Douglas Elliman, the Corcoran Group and data from sister firms Halstead Property and Brown Harris Stevens show mixed but healthy indicators. In a still strict lending environment, it comes as little surprise that the best performing sectors of the market — the top end of the market where buyers are wealthiest, and the bottom end of the new development market where units qualify for Federal Housing Authority-approved loans — were those where financing came easiest. … [more]

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  • 88 Morningside 50 percent sold

    June 30, 2011 08:26AM

    Halstead Property Development Marketing has sold half the units at Harlem development 88 Morningside in the last year, the company announced yesterday. Sales launched at the 12-story, 73-unit condo by BOS Development, Horsford & Poteat Realty and the Bluestone Organization last June, and the building is now 50 percent in contract or closed. The remaining 32 units range in size from approximately 735 to 1,270 square feet and in price from $415,000 to $880,000. “[Buyers] are seeing the long-term value in buying a luxury residence located right in between Morningside Heights and the ‘gold coast’ of Fredrick Douglass Boulevard — two areas that are booming,” said Stephen Kliegerman, president of Halstead Property development Marketing and of recently announced Terra Development Marketing. — Katherine Clarke[more]

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  • From left: Griffin Court, Alchemy’s Kenneth Horn and Steve Kliegerman,
    president of Terra Development Marketing

    [Updated at 5.15 p.m.] With sales underway for more than a year, and the building just recently
    hitting the 30 percent sold mark, Griffin Court and its developer, Alchemy
    Properties have brought in Halstead Property Development Marketing to
    help sell the remaining units at the Hell’s Kitchen condominium. The Halstead team, led by Stephen Kliegerman, who The Real Deal recently reported was tapped to be president of Terra Development Marketing, will work alongside Alchemy’s existing sales team, headed up by Wendy Triffon. Alchemy announced the decision yesterday, in its first ever sales and marketing collaboration. Alchemy has been having a tough go of it since launching sales in March 2010 at the 95-unit Griffin Court, offering multiple incentives. … [more]

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  • A former vice president and director at Brown Harris Stevens has been named director of sales for Brooklyn at sister company Halstead Property, Halstead announced today.

    Starting July 11, Trish Martin will manage Halstead’s offices in Brooklyn Heights, Cobble Hill and Boerum Hill with a goal of enhancing the presence of the firm in the borough.

    Martin is replacing Roberta Benzilio, who has been promoted to executive director for Terra Development Marketing, a new company overseeing new developments for Halstead and Brown Harris. TRD
    [more]

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  • By Katherine Clarke and Lauren Elkies

    Terra Holdings, parent company of Brown Harris Stevens and Halstead Property, is launching a new development marketing company and Stephen Kliegerman, executive director of new development marketing at Halstead Property, has been selected to head it up, according to an internal memo leaked to The Real Deal. A public announcement is imminent, according to a spokesperson for Halstead.

    Kliegerman will not be leaving Halstead. Terra Development will market development projects represented by both Brown Harris and Halstead, of which Kliegerman will become president.

    Though the memo dates back to April, the move has remained relatively under the radar. When contacted by The Real Deal late yesterday afternoon, Halstead would not disclose any information about the move, but said a public announcement would be released within the next 48 hours or so…. [more]

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  • Terra Holdings promotes managers

    March 23, 2011 03:00PM

    Jim Gricar will leave his role as the West Side manager at Brown Harris Stevens to fill a new position, general sales manager, at Halstead Property. The two firms are owned by Terra Holdings and Gricar said the move lacked the controversy typically associated with job changes.
    “The owners approached me about the opportunity and I was very excited,” Gricar said. “I’ll get to work directly with Diane Ramirez [the president of Halstead] and manage operations, not only on the West Side, but across the firm.”
    The move is effective April 4. TRD[more]

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  • From the South Florida website: It began almost two years ago, with one of the first bulk purchases since the downturn. Shaul Moshal purchased 26 units at Pembroke Pines’ La Via condominium for $1.4 million in January 2009.The Israelis are part of a growing trend of foreign buyers driving the residential market, as Canadians and Brazilians have been notably moving in on the South Florida region. Since the Pembroke Pines purchase, Israeli investors have been searching South Florida for deals — especially those they can do in bulk, with some dealing directly with fellow Israeli developers. “It’s interesting, there’s definitely an uptick [in Israeli investment],” said Eddy Fernandez, CEO of Worldwide Development Services, a Miami-based residential brokerage firm. “They want to invest here, and they want to be here.” [more]

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  • Terra Holdings said today that it has acquired the assets of property management firm Caran Properties and will begin operating it as a division of the Halstead Management Companies, effective immediately. Among the Caran properties that will be folded into Halstead’s portfolio are 200 West End Avenue, Sky House, Place57, the Astor and the Shepherd House. Caran’s Sherry Frankel and Martha Goupit will run the new Caran Management team for Terra, and will move into the Terra headquarters at 770 Lexington Avenue. Terra did not disclose the financial details of the merger. TRD

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  • Tibor Hollo and One Bayfront Plaza, the Opera Tower, and the Sonesta Mikado Hotel Miami on Biscayne Bay.

    From the South Florida Web site: He helped shape modern Miami, and that makes developer Tibor Hollo a world figure of sorts. Last week, that was confirmed when Hollo, the president of Florida East Coast Realty, was named “Global Citizen of the Year” for 2009 by the City of Miami and the Greater Miami Host Committee.
    Eighty-two-year-old Hungarian-born Hollo, who has spent 55 years in the development game, was chosen for his ability to bring Miami to the world and the world to his adopted city.
    On Thursday, the Miami City Commission formally recognized his contributions when it bestowed the award.
    “Mr. Hollo has committed to concepts of sustainability which, of course, are global issues,” said Corky Dozier, executive director of the Greater Miami Host Committee. “By focusing on sustainability, he is actually restoring what was traditionally part of the landscape of Downtown Miami…. He is the father of Downtown Miami real estate development.” … [more]

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  • So many reports, so little time

    November 11, 2009 04:26PM

    Looking to drum up some business in these tough times? Try issuing a
    market report.

    During the roller coaster ride that has been the residential real
    estate market of the past year, brokers and consumers have scrambled
    for information to interpret rapidly changing market forces. In
    response, real estate firms have issued a veritable avalanche of
    market reports, each hoping to become the consumer’s go-to source for
    information, and grow their brand in the process.

    But this information overload may now be backfiring, since there are
    now so many reports available, often with wildly disparate information.

    “All of these firms believe in [issuing reports] as a way of marketing
    themselves and separating themselves from the competition,” said Paul
    Purcell, a partner at real estate consultancy Braddock + Purcell and
    the co-founder of Charles Rutenberg Realty in New York. “It simply
    serves to confuse the consumer, and make them wonder why each firm has
    different information.”… [more]

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  • Terra Holdings purchases Penmark

    November 05, 2009 01:46PM
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    Arthur Zeckendorf, one of four Terra Holdings co-chairmen; Terra headquarters at 770 Lexington Ave. (Photo source: PropertyShark)

    Terra Holdings, owner of Brown Harris Stevens and Halstead Property, has purchased Penmark Realty, one of the city’s top property management firms, for an undisclosed amount, according to the New York Post. Penmark had contracts to manage roughly 80 New York City buildings, including all of Extell’s, which Terra will oversee under the new name Penmark-Halstead Management. Prudential Douglas Elliman was also approached about a potential Penmark acquisition, said Howard Lorber, chairman of Elliman, but declined because it feared taking on the liability of a company already plagued by lawsuits. Penmark will soon operate out of Terra’s 770 Lexington Avenue headquarters at 60th Street. [Post]

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  • Developer Kent Swig was denied a motion to reargue or stay enforcement of a $32 million judgment by Square Mile Structured Debt yesterday. New York State Supreme Court Judge Bernard Fried ruled that Swig failed to prove any legal errors that would allow him to reopen or delay the case. The judgment was issued against Swig after he defaulted on a $28 million personal loan from Square Mile that was used to help develop the troubled Sheffield57 condominium near Columbus Circle. Fried denied the motion despite allegations that Swig was denied access to critical documents and that Square Mile misrepresented key facts to Swig. Fried ruled that the only way to issue a stay would be if the court “overlooked or misapprehended the facts or the law.” The ruling will likely provide further hardship for Swig and his considerable number of real estate assets, which include Swig Equities, the real estate development firm, Helmsley-Spear, the commercial real estate firm previously owned by Harry Helmsley and Terra Holdings (where he is co-chairman and co-owner), the parent company of Brown Harris Stevens and Halstead Property…. [more]

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  • Embattled developer Kent Swig is facing another lawsuit on an alleged loan default, as RCG Debt IV Non-REIT Asset Holdings filed for a $3.5 million judgment Sept. 23. According to the suit filed in New York State Supreme Court, Swig, on Jan. 8, 2008, delivered a promissory note to RCG that was due Dec. 31, 2008. At the end of 2008, Swig was granted an extension until Feb. 28, 2009, and on July 24, 2009, he made two $50,000 interest payments for a total of $100,000, court documents show. Under the terms of the loan, Swig accumulated interest at 15 percent for the month of February, and 24 percent since March 1, minus the $100,000 payment. The judgment was signed Sept. 21, 2009, for $3.9 million. The judgment was entered at a time when Swig is appealing a $32.4 million judgment by Square Mile Structured Debt, which filed suit after Swig defaulted on $28 million in loans related to the conversion of his former condominium project Sheffield57, at 322 West 57th Street…. [more]

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  • Swig sues to get pay from Terra Holdings

    September 28, 2009 05:09PM

    Developer and Terra Holdings Co-Chairman Kent Swig, has filed suit against an asset management firm for withholding nearly all of his compensation after a restraining order was issued to enforce a multi-million dollar judgment by Square Mile Structured Debt. Swig filed suit Sept. 24 against Manhattan-based Properties Asset Management Services in New York State Supreme Court, alleging the firm is withholding his compensation after Square Mile sent a subpoena requesting information about Swig’s salary and other compensation at Terra. No information was immediately available on the current amount of Swig’s compensation…. [more]

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  • The developer of a troubled luxury condominium conversion project in Chelsea is facing lawsuits from two lenders for a total of roughly $20 million. Flatiron District-based Broad Mill Development Group converted a former 1901 horse stable building at 159 West 24th Street at Seventh Avenue into 24 high-end apartments. (Note: correction appended) But in the midst of the economic downturn, Carriage House Chelsea has not been able to repay its loans. In 2006, Broad Mill took out $14.5 million in acquisition and development loans from Midfirst Bank, based in Oklahoma. But after the borrowers failed to repay by May 1, after two extensions, Midfirst Bank filed suit in June in New York State Supreme Court to foreclose on the loan…. [more]

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  • In yet another aggressive bid for market share, Halstead Property is
    expanding into Connecticut, acquiring Darien-based brokerage Wheeler Real
    Estate. Wheeler, founded in 1927, has one 55-agent office at 671 Boston Post
    Road in Darien and serves the surrounding towns of New Canaan, Rowayton
    and Norwalk. The new company will be known as Halstead Property Wheeler. In an environment where other firms have been closing offices, Halstead
    has taken advantage of the downturn to expand aggressively. In October,
    Halstead, owned by Terra Holdings, opened its first out-of-state office
    with a new branch in Hoboken, N.J.
    The company also recently opened a new office in Boerum Hill, Brooklyn.
    Halstead has nine other offices in New York City — including one in
    Harlem, where the Corcoran Group and Warburg Realty recently closed
    their offices — and one in Hudson, N.Y…. [more]

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