Real estate in brief

From left: before the MTA’s seizure and after, at 194 Broadway (source: PropertyShark)

State orders MTA to pay developer’s legal fees at 194 Broadway

The New York State Supreme Court has dealt a legal blow to the Metropolitan Transportation Authority over the condemnation of 194 Broadway. The property, which the MTA took through the use of eminent domain in order to Develop The Fulton Street Transit Center, had been undervalued during the seizure by $35.2 million, according to an August 2009 ruling. The MTA was ordered to pay the property’s owner, the Riese Organization, the total remaining balance on the property value as a result of that ruling. Now, the courts have ordered the MTA to pony up the cash to pay for Riese’s attorney’s fees.

Closings begin at Gramercy condo

Condo development 254 Park Avenue South, between East 20th and East 21st streets, which began welcoming its first residents in December, has commenced closings. The 13-story, 123-unit Beaux Arts-style building includes studios and one- and two-bedroom residences, ranging in size up to 2,500 square feet. Asking prices start at $550,000, according to Daniel Rosen, a principal with Rosen Partners, and a developer with the building. Prudential Douglas Elliman is handling sales at the condo since replacing the Marketing Directors in July 2009.


Former Architect’s Newspaper editor named head of urban design group

The Institute for Urban Design has named Anne Guiney its new executive director, according to a press release sent today from the organization. Guiney was formerly an editor with the Architect’s Newspaper and one of the publication’s founding members. Guiney will be responsible for helping allocate $150,000 the organization was awarded by the Rockefeller Foundation. A large portion of that grant will be put toward Urban Design Week, a public event scheduled for spring 2011.

BLT becomes chief restaurant operator at W New York — Downtown

BLT Restaurants has been named the official restaurant operator for the Monian Group’s project W New York — Downtown and the Residences at W New York — Downtown, located at 123 Washington Street between Albany and Carlisle streets. The new restaurant will be designed with the “young residents gravitating toward the renewed business growth in the Financial District” in mind, according to a written statement from Laurent Tourondel, head chef for BLT restaurants. There are already several BLT outposts in New York City, including BLT Steak, BLT Burger, BLT Fish, BLT Prime and BLT Market. TRD