Controversial owners Gluck, Bistricer set to buy separate UWS buildings

TRD New York /
Jul.July 16, 2010 04:00 PM

From left: Laurence Gluck, 666 West End Avenue and 752 West End Avenue (building photos’ source: PropertyShark)

Two unrelated apartment owners with checkered ownership records,
Laurence Gluck and David Bistricer, are each in contract to buy large
apartment buildings on the Upper West Side, according to several
sources.

Gluck,
through his Stellar Management, has partnered with Moshe Azogui to buy
666 West End Avenue, a 403-unit 22-story apartment building at the
corner of 92nd Street, for $72 million, the sources said.

The 1927 structure is a single-room-occupancy apartment building, city Department of Buildings records show.

And
five blocks north, Clipper Equity, one of whose principals is David
Bistricer, is in contract to buy 752 West End Avenue from Westbrook
Partners, a private equity firm being represented by Eastdil Secured,
sources said. The contract price was not available.

The 24-story
building at the corner of 97th Street owned by Westbrook is 198,248
square feet and has 179 residential units, data from PropertyShark.com
shows.

Insiders were surprised Gluck could get financing since
he lost Riverton Houses in Harlem in a foreclosure and is facing a $110
million foreclosure suit at the Financial District office tower at 2 Rector Street.

Nationally,
Stellar announced in May that it would default on its $550 million
first mortgage on a 3,221-unit apartment complex in San Francisco
called Parkmerced, which is due in October.

Stellar, Westbrook and Clipper Equity either did not respond to request for comments or declined to comment.

In
New York, Gluck has been criticized for his management of apartment
buildings. But now, if troubled 33-story affordable rental building Tivoli Towers
in Crown Heights remains in the Mitchell-Lama program for 30 years, the
city will give its blessing for Gluck to buy it, a spokesperson from
the city’s Housing Preservation and Development said.

Brooklyn-based
Clipper Equity, whose principals are Bistricer and Sam Levinson, made a
$1.3 billion bid for the affordable apartments of Starrett City
in Brooklyn, but local and federal officials blocked the sale. In 1998,
the New York Attorney General barred Bistricer and others from
converting certain rental buildings to condominiums or cooperatives,
because of alleged financial irregularities. Clipper Equity is also the
developer of the condo BellTel Lofts in Brooklyn.

Lawrence
Longua, clinical associate professor at New York University’s Schack
Institute of Real Estate, said developers often recover following a
down cycle. He was not familiar with either sale, but noted that Harry
Macklowe and Harry Helmsley each lost buildings only to return as
successful developers.

“Lenders are just saying these guys are
victims of the times, not like they did anything to cause problems,”
Longua said. He said he frequently tells his students that there were
“10-year cycles but seven-year memories.”

 

Related Articles

arrow_forward_ios
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
John Tashjian (center) with Harry Macklowe and 200 East 59th Street (Credit: Emily Assiran Photography)

Life after Macklowe: New sponsor cuts prices at condo tower

Life after Macklowe: New sponsor cuts prices at condo tower
Harry and Linda Macklowe (Credit: Getty Images, iStock)

The Macklowes’ massive art collection nears auction

The Macklowes’ massive art collection nears auction
Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

Macklowe’s brazen Hamptons act recalls Times Square scandal
Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court
A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe just got $192M closer to building his Midtown skyscraper

Harry Macklowe just got $192M closer to building his Midtown skyscraper
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...