The Real Deal New York

Posts Tagged ‘witkoff group’

  • herald-center

    Rendering of LED display at 1328 Broadway

    Vornado Realty Trust, the Witkoff Group, JEMB Realty and other developers are going all out when it comes to LED displays at their upcoming projects.

    The LED canvasses are more environmentally friendly than an illuminated billboard, but can be more costly. The displays cost as much as $1,000 per square foot. Vornado plans to construct a six-story sign as part of its $140 million retail overhaul of the Marriott Marquis Times Square Hotel at 1535 Broadway. The Witkoff Group is adding a 18,000-square-foot LED sign at the Marriott Edition Hotel in Times Square. [more]

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  • winthrop

    Michael Ashner and Times Square Edition

    The CEO of Boston-based Winthrop Realty Trust, an investor in the Witkoff Group-developed Times Square Edition hotel, said last week that it plans to liquidate the company.

    Over the next two years, Michael Ashner’s commercial real estate investment trust will sell off all of its assets. Ashner said the risks are too abundant in trying to find a good deal in the recovering market. Winthrop regularly acquires small stakes in large deals, some leading to lawsuits. Ashner and investor Bill Ackman attempted to foreclose on Stuyvesant Town and Peter Cooper Village after the landlords defaulted on $4.4 billion in debt in 2010. [more]

  • witkoff

    From left: A rendering of the $35 million penthouse at 10 Madison Square West (Credit: Rode) and Steve Witkoff

    Why settle for just one ostentatious penthouse when, with a little creativity, you could easily have another? Steven Witkoff’s 10 Madison Square West is combining two apartments to create a full-floor apartment on the 22nd floor, which will hit the market today asking $35 million. [more]

  • Rendering of 22 Thames Street

    Rendering of 22 Thames Street

    A skyscraper the Fisher Brothers and the Witkoff Group are erecting in Lower Manhattan will be the tallest residential addition in the neighborhood, according to city records.

    If built as planned, the skyscraper would rise higher than several other towers currently under construction in the area. Filings with the Department of Buildings show that the 70-story building at 22 Thames Street is slated to be 960 feet tall and would contain 359,130 square feet of space, New York Yimby reported. The plans call for rental units instead of condominiums, bucking the trend for luxury condo towers like Alexico Group’s nearby 56 Leonard Street, previously expected to be Tribeca’s tallest tower, and Larry Silverstein’s 30 Park Place. [more]

  • From left:

    From left: 56 Leonard Street, 150 Charles Street and Walker Tower

    Developers are taking advantage of New Yorkers’ desire for green space by maximizing the amount of “outdoor living” a space offers — and then charging a premium for it. [more]

  • 10 Madison Square West

    10 Madison Square West

    The Witkoff Group and Morgan Stanley Real Estate Investing have sold a 20,676-square-foot retail condominium at 10 Madison Square West to private equity and asset management firm Savanna for $60 million.

    The sale comes as the Witkoff and Morgan Stanley team is in the process of redeveloping the 16-story building into a 23-story luxury condominium. About 85 percent of the 125 units are already sold. Upon completion of the work, the retail space in the building will feature roughly 12,000 square feet of corner ground floor and basement space. [more]

  • hoffman-auto-showroom-1955-Esto

    Hoffman Auto Showroom at 430 Park Avenue in 1955 (Credit: Esto)

    year_in_review The conclusion of another year marks the loss of the latest batch of landmarked buildings and longstanding, lived-in real estate in the New York City area. Some owners caved to the pressures of widespread redevelopment — and others found their properties literally caving. Read on for a look back at some of the sites that have disappeared — or are set to vanish. [more]

  • From left: Steve Witkoff and 36 Park Avenue South

    From left: Steve Witkoff and 36 Central Park South

    UPDATED, 3:19 p.m., Dec. 12: Wells Fargo Bank and Criterion Real Estate Capital teamed up to provide $525 million in acquisition financing to enable the Witkoff Group and Jynwel Capital to purchase Manhattan’s Helmsley Park Lane Hotel.

    The financing, arranged by Carlton Group of New York, enabled Witkoff’s completion of the $660 million purchase of the 605-room property at 36 Central Park South. [more]

  • Renderings of 22 Thames Street

    Renderings of 22 Thames Street

    The new Rafael Vinoly-designed 22 Thames may overtake Silverstein Properties’ Four Seasons Hotel & Residences at 30 Park Place as the tallest residential building in Lower Manhattan. [more]

  • 150-charles

    150 Charles rendering and Steve Witkoff

    A year after 11 West Village residents filed a lawsuit over alleged zoning improprieties to halt the construction of 150 Charles Street, more are joining the protest, though this time they are adopting a different legal strategy. Author Jean-Louis Bourgeois plans to file a lawsuit alleging that the 98-spot parking lot at the Witkoff Group’s 15-story condominium conversion violates the federal Clean Air Act. [more]

  • Steven Witkoff and the Helmsley Park Lane Hotel at 36 Central Park South

    Steven Witkoff and the Helmsley Park Lane Hotel at 36 Central Park South

    UPDATED, 1:38 p.m., Nov. 26: The Witkoff Group and Hong Kong-based equity partner Jynwel Capital have closed on the acquisition of the Helmsley Park Lane Hotel for $660 million, the developer announced yesterday. Though initial reports indicated that Witkoff would convert the 446,000-square-foot property at 36 Central Park South into luxury condominiums, Witkoff CEO Steven Witkoff said yesterday in a release that the 47-story, 605-key hotel would instead be rebranded as the Park Lane New York. [more]

  • Manhattan land prices get “stupid”

    November 15, 2013 05:22PM
    From left: Scott Alper, Michael Rudin and Michael Stern

    From left: Scott Alper, Michael Rudin and Michael Stern

    Developers surveying a recent spate of land sales at sky-high prices are concerned that the market has overheated, and a repeat of the 2008 crash is not far fetched if the market shifts and buyers can’t secure project financing or deliver the promised product, they said. [more]

  • The penthouse at 10 Madison Square West (Credit: VUW Studios) and Donna Olshan (inset)

    The penthouse at 10 Madison Square West (Credit: VUW Studios) and Donna Olshan (inset)

    The Manhattan luxury market is having a rollicking year, with $8 billion in residential deals going into contract for $4 million or more – eclipsing even the boom year of 2007, new figures show.

    Through September, contracts for 907 apartments each costing $4 million or more have been signed, a 40 percent increase over the number for all of 2007.  The nine-month 2013 number represents a 79 percent increase over the 2012 total, according to a report from Olshan Realty, which specializes in luxury sales.

  • 10 Madison Square West, Kate Upton, and One Madison Park

    From left: 10 Madison Square West, Kate Upton and One Madison Park

    Love may soon bring supermodel Kate Upton to Manhattan. The 21-year-old beauty currently calls Florida home, but has been spotted hunting for apartments in the Flatiron District in order to be closer to her boyfriend, ballroom dance champion Maksim Chmerkovskiy. [more]

  • Steve Witkoff and 10 Madison Square West

    Steve Witkoff and 10 Madison Square West

    Under a month after the Witkoff Group’s condominium conversion project at 10 Madison Square West launched sales, nearly 60 percent of its 125 units are already in contract, illustrating the frenzied demand for high-end residential properties, the Wall Street Journal reported.

    “If you get lucky, a market makes you look smarter than you are,” developer Steven Witkoff told the Journal. Though Witkoff expected strong sales, the demand has well surpassed his expectations when he bought the property in 2011, he added. [more]

  • Steven Witkoff and the Park Lane Hotel

    Steven Witkoff and the Park Lane Hotel

    A partnership led by Steven Witkoff’s Witkoff Group has reached an agreement with the estate of Leona Helmsley to buy the Park Lane Hotel on Central Park South for north of $650 million, the Wall Street Journal reported. [more]

  • From left: 146 West 47th Street (center) and Kevin Salmon of Khizer Salmon

    From left: 146 West 47th Street (center) and Kevin Salmon of Khizer Salmon

    A prime bit of Times Square retail, next door to the Witkoff Group’s massive planned retail and hotel project, is in contract for $10.6 million, The Real Deal has learned. [more]

  • Steve Witkoff and 10 Madison Square West

    Steve Witkoff and 10 Madison Square West

    The Witkoff Group will shell out $300 million on its 10 Madison Square West condominium conversion project, the New York Times reported.

    The developer paid $190 million at auction in 2011 for the 16-story 380,000-square-foot building at 1107 Broadway that was once part of the International Toy Center, CEO Steven Witkoff told the Times. The property will be converted into 125 luxury condominiums. [more]

  • From left: Steve Witkoff, Winston Fisher and 101 Murray Street

    St. John’s University today announced an agreement to sell its satellite Tribeca building at 101 Murray Street to a joint venture of Fisher Brothers, Howard Lorber and Witkoff Group, which plan to raze the building to construct condominiums, Crain’s reported. [more]

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  • A rendering of 150 Charles Street

    Build it and they will come, yes, but in the case of some high-profile residential projects in the West Village such as 150 Charles Street, buyers are swarming in well before the buildings are completed, the New York Post reported.  [more]

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