From the South Florida site: The term “luxury” can be deceiving, especially when it comes to condominium amenities, former Douglas Elliman Florida CEO Vanessa Grout wrote in a Forbes article. The Miami native, who now works at New York-based investment firm Vector Group, offered nine amenities that condo buyers should stay far, far away from. [more]
Posts Tagged ‘vector group’
Yitzhak Tessler, the 62-year-old CEO and president of Tessler Developments, spoke with The Real Deal in his first face-to-face interview since he started building in New York more than a decade ago.
The builder of projects such as 240 Park Avenue South decided to speak up, he said, to challenge the reporting surrounding 1107 Broadway, his failed condominium conversion of one of the International Toy Center buildings that became mired in the economic downturn and the Lehman Brothers Holdings bankruptcy. He was frustrated with the assertion that he defaulted on the Lehman Brothers loan, saying the story was more complicated. In the end, each side claimed the other owed it money.
From the South Florida website: Howard Lorber, CEO of South Florida-based Vector Group and chairman of New York brokerage Prudential Douglas Elliman, has been ranked South Florida’s highest paid CEO, with a yearly salary of $6 million plus bonuses, according to research carried out by the South Florida Business Journal.
Vector Group is famous in the tobacco industry for producing the Ligget brand of cigarettes, but is also involved in real estate through its New Valley subsidiary. New Valley has a 50 percent ownership interest in Douglas Elliman Realty, which operates the largest residential real estate brokerage company in the New York metropolitan area. New Valley also has real estate holdings in California, according to Vector’s website. [more]
Lehman Brothers has reached a deal to sell the in-default debt on 1107 Broadway to the Witkoff Group and Howard Lorber’s Vector Group for about $190 million, the New York Post reported.
The deal, determined at auction yesterday, comes just days after Lehman sold its majority ownership stake in 200 Fifth Avenue, located between 23rd and 24th streets, to JPMorgan Chase. The two buildings, connected by a footbridge, make up what used to be the International Toy Center.
“We think it is one of the great opportunities we’ve seen,” Steve Witkoff, CEO of the Witkoff Group, told the Wall Street Journal.
Witkoff, who has 90 days to finalize the deal at 1107 Broadway, between 24th and 25th streets, said he plans to turn the building into high-end condominiums. … [more]
Developer Maurice Mann is facing a lawsuit for allegedly failing to pay $400,000 in commissions and fees to Blue Rock Properties, a Manhattan-based brokerage that in 2007, helped arrange financing for the acquisition of the Apthorp on the Upper West Side.
Mann, the general partner of Mann Realty Associates, led the investment group that acquired the landmark rental building, at 390 West End Avenue, for a record $426 million. Mann has since lost the role of managing partner at the Apthorp to Africa Israel, the Israeli real estate and diamond conglomerate led by billionaire Lev Leviev.
Leviev is currently awaiting word from the New York State Attorney General about whether he will declare the condominium plan effective, amid serious concerns about whether the developer was able to find enough buyers to make the building financially viable…. [more]