Court demands Trump tax returns, New MCI rules are retroactive

A daily roundup of New York real estate news for November 5, 2019

TRD New York /
Nov.November 05, 2019 09:20 AM
The Daily Digest - Tuesday

Every weekday, The Real Deal rounds up New York’s biggest real estate news. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to [email protected].

 

MLSListings CEO Jim Harrison has been put on administrative leave. Harrison says he planned to return from medical leave two weeks ago but was not allowed to do so, and someone may be trying to push him out of the company. The reasons remain unclear. “I’m not going to go into details. It’s bullshit,” he said. [Inman]

 

Court says DA entitled to eight years of Trump’s tax returns. A federal appeals panel said Monday that the president’s accounting firm, Mazars USA, must comply with a subpoena from the Manhattan district attorney, Cyrus Vance. Prosecutors are seeking the records in connection with an investigation into hush-money payments made to two women just before the 2016 election. [NYT]

 
Homes & Community Renewal Commissioner RuthAnne Visnauskas (Credit: iStock)

Homes & Community Renewal Commissioner RuthAnne Visnauskas (Credit: iStock)

HCR says the new MCI rules apply to applications rushed in before the law passed. Major capital improvement applications that were pending when the new rent law took effect will be subject to the new restrictions if more than 35 percent of their apartments are rent stabilized, meaning that landlords’ scramble to apply for MCIs before the change may have been in vain. [TRD]

 
Harry Macklowe (Credit: Getty Images)

Harry Macklowe (Credit: Getty Images)

Harry Macklowe’s Hamptons saga mirrors his 1980s Times Square scandal. The real estate tycoon, who was chastised last week by the Village of East Hampton for unpermitted construction, once flouted city protocol to demolish four buildings in Times Square. [TRD]

 

SoftBank-backed construction startup Katerra is also facing WeWork-esque scrutiny. The four year old firm, with a rumored valuation of more than $4 billion, has already had three CEOs and is now on its third chief financial officer. The firm has also reportedly pulled out of at least half a dozen apartment and hotel projects in the U.S. and laid off more than 100 staffers in three states. [TRD]

 

It’s election day in New York, and changes to ULURP are on the ballot. Ballot question No. 5 would amend the city’s Uniform Land Use Review Procedure to give borough presidents and community boards more time to review projects, and would require that project summaries be posted online. [Curbed]

 

Another brokerage is taking Compass’ side in the pocket listings debate. Two days after Compass sent a “pre-litigation letter” to Bright MLS challenging its policy of levying steep fines for off-market listings, discount brokerage Assist-2-Sell has come out with similar concerns, arguing that the policy “will act as a restraint of trade.” [Inman]

 
110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

TRD’s roundup of last week’s top luxe resi sales is here. Top buyers of luxury properties included Serbian former model and singer Aleksandra Melnichenko (wife of Russian billionaire Andrey Melnichenko), journalist and film producer Jamie Wolf and Cision Insights president Rainer Mathes. [TRD]

 

A plan to reconstruct East River Park survives an initial vote. The City Council subcommittee on landmarks, public siting and dispositions passed the $1.45 billion flood protection proposal by a vote of 4-1, soon after Mayor Bill de Blasio announced concessions including the creation of a community advisory group for the project. [Curbed]

 

Shorenstein Properties landed $350 million to refi its leasehold at 1407 Broadway. Barclays provided the loan for the Garment District office property, retiring roughly $270 million in debt provided by Bank of America in 2015, which funded Shorenstein’s $330 million ground lease purchase. [CO]

 

The South Bronx’s Union Crossing development has its first tenant. Westchester affordable housing nonprofit Westhab signed a 10-year, 8,233-square-foot lease on the ground floor of the building at 825 East 141st Street. Madison Realty Capital, Altmark Group, Galil Management and Bluestone Group recently finished a $45 million renovation at the warehouse-to-office conversion in Port Morris. [CO]

 

A fast-track contracting bill has been awaiting Gov. Cuomo’s signature for months. The measure, which would allow several New York City agencies to use “design-build” bidding on projects, was passed by the state Legislature in June. Cuomo is known to be a fan of design-build, and a spokesperson said the office was simply busy with hundreds of other bills. [NYDN]

 

New research says immigration, authorized or not, is good for real estate. “Illegal Immigration Linked to Higher Home Values and Reduced Crime” reads a report from brokerage Clever Real Estate. But the relationship is complicated, and “a reason for the relationship is difficult to pin down,” the report’s author cautions. [Inman]

 

There’s been a leasing frenzy at Manhattan’s new, expensive office buildings. Boasting features such as column-free floors, high ceilings, cogeneration facilities, advanced digital infrastructure and energy efficiency, 11 such properties have leased 84.5 percent of their space. [NYP]

 

Liv Tyler has sold her West Village townhouse off-market for $17.45 million. The actress bought the four-story home, at 255 W. 11th St., in 2001 for $2.53 million and spent years fixing it up. [NYP]


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