NYC real estate in brief

New York /
Aug.August 10, 2009 05:14 PM

Platinum Equity signs lease for new offices on Vanderbilt Avenue

Platinum Equity, a Beverly Hills-based private equity firm, has relocated its New York offices from 250 Park Avenue to the 8,000-square-foot penthouse of 52 Vanderbilt Avenue. The space, located in a 20-story boutique office building, features a fireplace and an outdoor terrace. Jason Greenstein, director of Newmark Knight Frank, represented the building’s owner, Brause Realty, in the transaction. Kathy Bellinger of Dallas-based Jackson Cooksey and Richard Duryea of Duryea Real Estate represented Platinum.

New York state introduces first-time homebuyer tax credit

Governor David Paterson announced today that New York will offer a federal income tax credit to first-time homebuyers starting early September to encourage home sales. First-time homebuyers will be eligible to claim a tax credit equal to 20 percent of their annual mortgage interest costs through the New York State Mortgage Credit Certificate. The new credit is aimed to extend and improve the federal government’s $8,000 first-time homebuyer credit, enacted as part of the American Recovery and Reinvestment Act of 2009, which expires on November 30. Also, if a home is purchased before November 30, the New York credit certificates may also be used in addition to the federal $8,000 tax credit. The New York certificates are financed through a private bonding authority and are expected to save the average homebuyer nearly $1,500 per year.

Jones Lang LaSalle selected to oversee Gramercy Capital real estate

Jones Lang LaSalle has been selected by Gramercy Capital to oversee the commercial real estate finance and property investment company’s 14.5 million-square-foot commercial real estate portfolio in the U.S. The three-year assignment includes overseeing 400 office buildings, bank branches and operation centers across the country, with 6.5 million square feet of office space located in the Northeast and Florida. Since 2003, Jones Lang LaSalle has provided similar services for Gramercy Capital for the 8 million square feet of commercial space it owns in other regions of the country.

Westchester County must build 750 affordable units as part of court settlement

Lev Dassin, the acting United States attorney for the southern district of New York, and Tony West, the assistant attorney general for the civil division of the Department of Justice, announced today that Westchester County has agreed to fund the building of 750 units of affordable housing in areas with low racial and ethnic diversity in order to settle a lawsuit brought against it by the United States under the False Claims Act as well as the Housing and Community Development Act. The complaint against the county was that it failed to identify and address its impediments to build fair housing. So, in addition to building 750 affordable units, the settlement states that the county must fund marketing, public education, and other outreach efforts to promote fair and affordable housing. A court-appointed monitor has also been appointed to review the county’s programs and policies, and recommend additional actions needed to achieve compliance. TRD


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