The Real Deal New York

Posts Tagged ‘yair levy’

  • The Closing: Yair Levy gets defiant

    July 21, 2014 10:30AM
    Yair Levy (Credit: STUDIO SCRIVO)

    Yair Levy (Credit: STUDIO SCRIVO)

    From the July issue: Yair Levy is an investor and developer who rose to real estate prominence through several high-profile residential condo conversions during the boom, including the Sheffield, 225 Rector Place and the Park Columbus on the Upper West Side. But Levy’s roughly $400 million Manhattan real estate empire unraveled during the recession, with financial troubles and allegations of impropriety. [more]

    Comments
  • From left: AG Eric Schneiderman, Yair Levy and a rendering of 225 Rector Place

    Once a powerful developer, Yair Levy was given a lifetime ban from selling real estate securities following a theft scandal at 225 Rector Place. But now the defiant developer is fighting back despite a court decision that upheld his ban in 2012. [more]

    2 Comments
  • Yair Levy rumored buyer of Tin Pan Alley

    November 13, 2013 04:10PM
    tin-pan-alley

    Yair Levy and 47-55 West 28th Street

    Developer Yair Levy is said to be behind the purchase of Tin Pan Alley — a series of five four-story rowhouses on West 28th Street between Broadway and Sixth Avenue in Chelsea — in order to convert them to condominiums, the blog Lost City reported, citing unnamed sources.

    The houses at 47-55 West 28th Street hit the market for a total of $44 million in 2008 on the eve of the market crash, as The Real Deal reported. A plan to replace them with a high-rise fell through. The properties came back on the market in April, with Massey Knakal Realty Services handling sales. All retail units in the buildings were offered vacant. [more]

    Comments
  • 225 Rector Place and Yair Levy

    The wife and daughter of developer of Yair Levy have been ordered to appear in court Feb. 21 on possible contempt charges, after failing to comply with subpoenas related to allegations that Levy fraudulently transferred property to them. State Supreme Court Judge Joan Madden ordered Levy’s wife, Sosana, and daughter, Galit, to appear at a contempt hearing linked to a 2011 judgment for $11 million against the developer by Anglo Irish Bank, the lender at Levy’s failed Rector Square condominium at 225 Rector Place in Battery Park. (The Related Companies bought the debt at Rector Square and took over the project.) … [more]

    Comments
  • Sonny Bazbaz and the new project at 101 West 87th Street

    Post-recession, construction on the condominium conversion at 101 West 87th Street stalled and the property’s owner, Yair Levy — the embattled developer now legally banned from selling real estate in New York State — filed for Chapter 11 bankruptcy protection. Eventually, the 95-unit rental building was turned over to its lenders, who sold it via auction in 2010. Now the promised condo is making a long-awaited comeback under its new ownership, a joint venture led by Bazbaz Development and including Fisher Brothers and BlackRock. [more]

    Comments
  • From left: AG Eric Schneiderman, Yair Levy and a rendering of 225 Rector Place

    New York Attorney General Eric Schneiderman won a major decision against developer Yair Levy, as a state Supreme Court judge upheld a 2011 decision that bans the developer from selling condos and co-ops statewide and requires him to pay $7.4 million for having raided the reserve fund at the Rector Square condominium.

    Levy had sought to dismiss a June 2011 ruling by Judge Joan Lobis. Levy was found to have spent millions from the 304-unit Battery Park City condo conversion’s fund on personal and family expenses.  [more]

    1 Comment
  • RXR Realty CEO Scott Rechler and 620 Sixth Avenue

    Scott Rechler‘s RXR Realty has picked up its option to acquire the remaining 45 percent stake in 620 Sixth Avenue, Crain’s reported. The firm purchased a 55 percent stake in the property, situated between West 18th and West 19th streets, in a deal last year that valued the 760,000-square-foot building at $500 million. That acquisition came with the option to buy the entire building and Rechler exercised it early. [more]

    Comments
  • From left: Related Chairman Stephen Ross, 225 Rector Place and Yair Levy

    Swamped in controversy from lawsuits, fraud and foreclosure in recent years, the condominium at 225 Rector Place will re-enter the market later this month, the New York Times reported. Related Companies, which bought the building out of foreclosure for $82.8 million last summer, hired Irish designer Clodagh to refurbish the building interiors and common spaces. The 181 units it is bringing to the market range from a 576-square-foot studio asking $495,000 to a 1,963-square-foot three-bedroom listed for $2 million. [more]

    1 Comment
  • RXR closes on $500M purchase of 620 Sixth

    December 30, 2011 04:42PM

    An investor group that included developer Yair Levy has officially closed on the $500 million sale of an office and retail complex 620 Sixth Avenue to RXR Realty on Tuesday, and the troubled investor deposited $8.1 million in proceeds into an escrow fund to repay his former Rector Square condominium. … [more]

    2 Comments

  • Yair Levy and 620 Sixth Avenue

    A state Supreme Court judge today agreed to lift a temporary restraining order on developer Yair Levy to allow the $500 million sale of 620 Sixth Avenue, pending the immediate deposit of about $8 million in proceeds into an escrow fund for his former Rector Square condominium project.

    The sale of the 700,000-square-foot retail complex is scheduled to close on Friday, and funds will immediately be transferred to an escrow account, according to lawyers for the Battery Park City condo.

    Judge Joan Lobis continued to block the sale or transfer of any additional assets from Levy or his family, however, which lawyers for the Battery Park City condo say was done to illegally circumvent a judgment after the troubled developer was banned from the real estate industry for raiding the Rector Square reserve fund.
    [more]

    Comments

  • From left: Yair Levy, Rector Square and 620 Sixth Avenue

    Rector Square condominium this past Friday obtained a temporary restraining order on the $500 million sale of the Chelsea building home to Bed Bath & Beyond and other real estate assets connected to Yair Levy, in order to collect on a $7.4 million judgment against the embattled developer.

    The suit, filed Dec 16 in New York state Supreme Court, alleges the Levy sold off or illegally transferred his real estate holdings after a court found that he illegally raided the Battery Park building‘s reserve fund.

    In June, Attorney General Eric Schneiderman banned Levy from selling real estate in New York after a judge ruled that he illegally spent Rector Square reserve fund money on personal expenses. … [more]

    Comments
  • alternate<br /></a>text
    RXR Realty CEO Scott Rechler and 620 Sixth Avenue

    RXR Realty will take control of 620 Sixth Avenue from a partnership of Joseph Chetrit, Yair Levy and Charles Dayan in a deal that values the building at about $500 million, the Wall Street Journal reported. The partnership paid $290 million for it in late 2005, and will retain a minority stake. Douglas Harmon of Eastdil Secured marketed the property for the owners.

    The seven-story, 700,000-square-foot, 114-year-old building at 19th Street is 80 percent occupied and home to big-box retailers TJ Maxx and Bed Bath & Beyond. RXR CEO Scott Rechler said the building will generate enough income to cover debt payments beginning next year. Rechler said he was attracted to the building because of its unique appearance and its “Silicon Alley” location — home to the city’s growing tech sector. … [more]

    Comments
  • Levy files appeal in Rector Square case

    August 12, 2011 02:03PM

    From left: Developr Yair Levy, Attorney General Eric Schneiderman and 225 Rector Place

    Developer Yair Levy has filed to overturn the $7.4 million judgment and a banishment from selling real estate by Attorney General Eric Schneiderman, after a state Supreme Court judge ruled that he took millions of dollars from the Rector Square condominium reserve fund.

    Supreme Court Judge Joan Lobis, in a June 22 ruling, found that Levy defrauded the Battery Park City condominium by failing to deposit millions of dollars into building’s reserve fund and then spending some of those funds on personal expenses, including charge cards and mobile phone accounts[more]

    Comments
  • alternate<br /></a>text
    From left: Yair Levy, Rector Square (source: PropertyShark) and Attorney General Eric Schneiderman

    A state Supreme Court judge has ordered developer Yair Levy to pay $7.4 million in restitution to the Rector Square condominium and permanently banned him from selling real estate in New York state.

    Judge Joan Lobis found last month that Levy defrauded the Battery Park City condo conversion, spending millions of dollars in reserve fund money on illegal personal and general business expenses, including charge card accounts, mobile phone bills and writing checks to family members.

    The judgment permanently bans Levy from selling condos or co-op projects in New York state, virtually ending a career lasting more than 30 years in the U.S. … [more]

    Comments
  • A partnership of Joseph Chetrit, Yair Levy and Charles Dayan is looking to unload 620 Sixth Avenue, and according to the Observer, the nearly 800,000-square-foot mammoth anchored by Bed Bath & Beyond could fetch around $500 million in a sale. The landlords purchased the Chelsea property for $289.8 million in 2005, taking out a $235 million mortgage that they nearly defaulted on in the years following. But if recent blockbuster sales in the area are any indication ($900 million for the Starrett-Lehigh Building and $2 billion for 111 Eighth Avenue), it looks like they have a good chance of cashing in. For a buyer, the building appears to have significant upside, to boot. There are 250,000 square feet of additional development rights atop the existing structure, plus 75,000 square feet at an adjacent site that is zoned to allow for hotel development. … [more]

    Comments
  • A state Supreme Court judge ruled that developer Yair Levy defrauded the Rector Square condominium
    in Battery Park City and spent $1.6 million in reserve fund money on personal and other illegal expenses,
    which could possibly lead him to being banned from the real estate business.

    Former New York Attorney General Andrew Cuomo filed a massive $7.4 million civil suit against Levy in 2010
    alleging Levy misappropriated the reserve fund money at the 303-unit tower, signing over checks to his
    own family members and using the funds to pay credit card and cell phone bills.
    [more]

    Comments
  • alternate text
    From left: Rector Square, YL Real Estate Developers’ Yair Levy and Justin Metz, a managing principal with Related Companies

    [Updated: 11:53 a.m., Jan. 24, 2011] Related Cos. today closed the long-anticipated acquisition of Rector Square, the Battery Park City condominium that was foreclosed on by Anglo Irish Bank, for $82.8 million, The Real Deal has learned.
    Anglo Irish bought the unsold shares of the condo at a November auction of the 304-unit building at 225 Rector Place for the same amount of money, and sold the property to Related, which had been managing the property for nearly one-and-a-half years after the lender filed to foreclose on former developer Yair Levy.

    “Rector Square is an asset that we were very familiar with, having initially developed the property and later served as managing agent for the receiver,” said Justin Metz, managing principal at Related. “We look forward to bringing new resources to the development and maximizing value for both our partners and existing owners.” … [more]

    Comments
  • alternate text
    Rector Place and Yair Levy

    The Related Companies will take over the unsold units and commercial space at Yair Levy’s Rector Square condominium for $82.8 million next week, sources told Crain’s. Anglo Irish Bank, the project’s largest lender, took control of the property for the same price at a foreclosure auction in November in which Anglo, owed around $135 million, was the only bidder. Related has been widely expected to eventually take the reins as the company has been managing the Battery Park City property, at 225 Rector Place, under a receiver since last year. … [more]

    Comments
  • alternate text
    Rector Place and Yair Levy

    Embattled developer Yair Levy and his son-in-law Daniel Deutsch are facing a $20 million lawsuit from unit owners at the Rector Square condominium, alleging they failed to complete construction and pay common charges as well as illegally converted funds at the property, all before the building was foreclosed on by Anglo Irish Bank.

    The suit, filed Dec. 13 in New York State Supreme Court, claims that residents of the 304-unit building, at 225 Rector Place, have been unable to refinance, sell or get approval for any financial transactions at the building due to Levy defaulting on nearly $165 million in loans at the building, which led to the 2009 foreclosure. … [more]

    Comments
  • alternate text
    From left: Andrew Cuomo, Rector Square and Yair Levy

    A state Supreme Court judge ruled today that Attorney General Andrew Cuomo can proceed in his civil suit against developer Yair Levy, who is facing banishment from future condominium unit sales after he allegedly misappropriated millions of dollars from the Rector Square reserve fund.

    Cuomo sued Levy, alleging that the man formerly known as the “condo king” illegally withdrew $1.6 million in reserve funds at the 303-unit building in Battery Park City, and signed over checks to family, while using the money to pay credit card bills at Macy’s and Verizon Wireless.
    [more]

    Comments
MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News