111 West 57th St.

JDS, PMG facing $105M lawsuit from 111 West 57th partner AmBase Corp. claims “unlawful scheme to dilute” its interest in Billionaires’ Row condo tower

Michael Stern’s JDS Development Group and Kevin Maloney’s Property Markets Group are facing a $105 million lawsuit from partner AmBase Corp. centered around the developers’ planned supertall condominium tower at 111 West 57th Street – with AmBase alleging an “unlawful scheme to dilute” its equity interest in the project.

AmBase, a Florida-based holding company, filed suit Friday in New York state Supreme Court against JDS, PMG, JDS principal Michael Stern, JDS director of finance Matthew Phillips and PMG principals Kevin Maloney, Elliott Joseph, and Ned White.

AmBase claims that the developers “devised a scheme to i上海夜网 阿爱上海同城ncrease their ownership interest in the joint venture at the expense of AmBase” through “artificially driving up development expenses and then issuing unnecessary capital calls to cover the purported costs.”

The complaint alleges that JDS and PMG “funded their own portion of these capital calls by illicitly obtaining financing on favorable terms from undisclosed parties,” limiting their own risk in the condo development “while imposing substantial financial burdens on AmBase.”

AmBase initially acquired a 59 percent stake in the joint venture developing the 80-sto爱上海同城 爱上海ry, 1,400-foot-tall luxury residential tower for $56 million in 2013. JDS and PMG’s $39 million contribution to the partnership gave it the remaining 41 percent interest – though AmBase’s stake eventually grew slightly to north of 60 percent.

But when AmBase eventually refused to pay its portion of subsequent capital calls – after having funded the first three such calls in full – the developers allegedly diluted the Florida firm’s share in the project “from a majority interest of 60.3 percent to a minority interest of 45.3 percent,” the law上海贵族宝贝 上海千花网龙凤论坛suit claims.

Meanwhile, the complaint alleges, JDS and PMG did not dilute the equity of Atlantic 57 LLC, a non-party to the suit that purchased a 26 percent equity stake in 111 West 57th Street and also did not answer capital calls.

In wake of the dilution of AmBase’s stake, the JDS and PMG partners then allegedly paid out a distribution to equity holders “in proportion to their unlawfully obtained, higher equity stake” – despite the condo development having “not earned any revenue” – and also “unlawfully concealed” from AmBase the third-party financing obtained for the project.

The distribution in question came after the developers received $750 million in construction financing from AIG and Apollo Global Management last summer for the Billionaires’ Row tower, according to the suit.

The suit also claims that JDS, PMG and the principals “engaged in other misconduct to advance their own interests to the detriment” of AmBase, including transferring their interests in the project “among themselves in violation of their agreements” and making “major decisions on behalf of the joint venture[……]

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NYC Commercial Real Estate

Private funds seeking $32B in commercial-property debt Meanwhile, banks are pulling back

From left: Scott Rechler, Stephen Schwarzman and Barry Sternlicht

U.S. investment firms, some of which are referred to as shadow banks, are seeking $32 爱上海同城 爱上海billion in commercial-property debt as traditional lenders shy away from providing financing directly to property owners.

Private funds are seeking nearly 40 percent more capital than last year, according to Preqin. Meanwhile, banks are increasingly less eager to provide funding to property owners as the prospect of a real estate bubble looms large, Bloomberg report爱上海同城论坛 爱上海同城ed.

“These guys aren’t scared of an empty building,” said Steven Delaney, an analyst with JMP Securities, told Bloomberg “These are the loans banks don’t want. There is a tremendous opportunity and a need for commercial-property owners for more types of financing than the commercial banking industry as a whole is willing to provide.”

RXR Realty , Starwood Property Trust and the Blackstone Group, for instance, have been very active in this space. RXR agreed to provide Extell Development with a $463 million mezzanine loan for One Manhattan Square. That loan was recently downsized by $163 million.

St上海夜网论坛 上海夜网arwood, a mortgage real estate investment trust, can write big loans that banks under the eye of the federal government can t match. It was one of the first lenders to provide a large construction mezzanine loan to Related Companies and Oxford Properties Group for Hudson Yards, lending $475 million in equity in 2013. At the time, such a move was unheard of, sources told TRD.

“A borrower finds it much easier to transact with a single lender versus having to negotiate with multiple banks,” Starwood CEO Andrew Sossen told Bloomberg.

Banks are still active, in that they are providing financing to investment firms, which is less risky than extending credit directly to property owners since they are the first to absorb loss.  [Bloomberg] — Kathryn Brenzel 

Tags: blackstone group, Commercial Real Estate, RXR Realty, Starwood Property Trust
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Menachem Stark

Cousin of Menachem Star阿爱上海同城 阿拉爱上海同城k killer claims they were friends Erskin Felix said he was trying to protect the landlord when he was murdered in 2014

From left: Menachem Stark and Kendel Felix

A cousin of the man convicted of murdering Brooklyn landlord Menachem Stark told investigators he was actually Stark s good friend and that he was trying to protect him.

Erskin Felix, along with two of his family members, was indicted earlier this week for his role in Stark s 2014 slaying, including putting a tracking device on his car. But in the wake of the murder, he told police that the landlord is a friend of mine, according to newly unsealed documents.

Stark had approached me in the summer and told上海千花网 爱上海同城对对碰 me he was afraid someone was after him and wan新上海贵族宝贝论坛 上海贵族宝贝交流区ted me to look out for him,” Erskin Felix said, according to the New York Post.

Erskin Felix, Kendall Felix and their cousin Irvine Henry上海同城对对碰交友社区 上海夜网论坛 were上海千花网 爱上海同城对对碰 charged with conspiracy, tampering with physical evidence and first-degree hindering.

Their cousin Kendel Felix was found guilty of kidnapping and killing Stark in September. He is awaiting sentencing. He faces 25 years to life in prison. Stark, 39, was abducted outside his Williamsburg office in 2014. His burnt body was found in a dumpster on Long Island two days later. [NYP]  E.B. Solomont

Tags: menachem stark
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SMA Equities

Mahfar, Halpern selling new LES rental building for $61M Gili Haberberg’s Arkar in contract f上海夜网 阿爱上海同城or East Houston St. property built in 2015

331 East Houston Street and Samy Mahfar

Samy Mahfar’s SMA Equities and Halpern Real Estate Ventures are in contract to sell a 13-story Lower East Side rental building they developed two years ago, sources told The Real Deal.

Gili Haberberg, a multifamily investor who runs Arkar Inc., is paying about $61 million for the 67,600-square-foot elevator building at 331 East Houston Street, located between Attorney and Ridge streets, said sources familiar with the negotiations.

The new-development rental, known as jones l.e.s, has 78 apartments – 80 percent of which are market-rate and the rest affordable. StreetEasy data show the market-rate rents range from $2,786 per month for a studio to $9,994 per month for a three-bedroom penthouse.

Haberberg is expected to close in June on the purchase, which comes out to roughly $900 per square foot, sources said.

In 2012, the developers acquired two parcels for $8.4 million from the estate of William Gottlieb and the other two for $4 million from landlord Michael Albano. The project was said to cost about $40 million $26.1 million of which came from Signa上海千花网龙凤论坛 上海千花社区ture Bank and the rest the developers invested. Sources said Haberberg is making the purchase as part of a 1031 exchange with rental properties he is selling in the Bronx.

Marcus Millichap’s Peter Von Der Ahe and Joe Koicim are brokering the deal. The brokers and SMA declined to comment, and neither Halpern nor Arkar could be immediately reached.

Haberberg’s Upper East Side-based property management company Arkar owns a mix of rental properties in Manhattan and the Bronx. In recent years, Haberberg has done more selling than buying. He parted ways with a 221,000-square-foot Bronx building for $33.7 million in November, and two Hamilton Heights buildings for a combined $68 million in 2015.

Halpern, led by Jon Halpern, is also active in 上海千花网交友 上海千花网论坛Miami and is one of the developers of the 30-story, Renzo Piano-designed condominium at 565 Broome Street, which has a projected sellout of north of $650 million.

Mahfar, an active Lower East Side landlord, agreed earlier this month to settle tenant harassment claims with the New York state Attorney General’s office.

(To view more commercial sales transact爱上海同城 爱上海ions on the Lower East Side, click here)

Tags: Commercial Real Estate, east houston street, SMA Equities
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Stamford Museum breaks ground on $5M environmental education center

A $5 million addition for the上海千花网 爱上海同城对对碰 Stamford Museum Nature Center 新爱上海同城对对碰论坛 上海同城对对碰交友社区got underway wi上海千花网交友 上海千花网论坛th a groundbreaking ceremony Monday. The new farmhouse, which will be used for environmental education programs, marks the center’s first major addition in 50 years, according to the Stamford Advocate. The farmhouse was part of a 2010爱上海龙凤419桑拿 上海龙凤论坛sh1f master plan but was put on hold after th上海千花网龙凤论坛 上海千花社区e recession. The current plan relies on a mix of public and private funds, including more than $2.5 million pledged by the state and $300,000 from the city. Renderings show a 4,000-square-foot farmhouse with a deck overlooking Heckscher Farm, designed by Hartford architects TSKP Studio. It is expected to be completed in 18 months. [StamfordAdvocate]

Tags: Westchester Fairfield
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177 East 73rd Street

Moinian buys Beaux-Arts garage on UES for $25M — half the original ask The Connelly Family Trust initially sought $50M for the property in 2015

177 East 73rd Street and Carrie Chiang

After more price cuts than an exercise bike at a yard sale, the stately parking garage at 177 East 73rd Street finally sold to the Moinian Group for $25 mill阿拉爱上海同城 爱上海龙凤419桑拿ion, records新爱上海同城对对碰论坛 上海同城对对碰交友社区 filed with the city Friday show.

Corcoran Group s Carrie Chiang took over the listing on behalf of the Connelly Family Trust in April, lowering the ask from $42.5 million to $30 million.

The 17,232-square-foot, Beaux-Arts parking garage, located in in prime Upper East Side territory, first went on the market for $5新爱上海同城对对碰论坛 上海同城对对碰交友社区0 million in 2015, with Sotheby s International Realty s Nikki Field as the broker. The property was marketed for single-family resid新爱上海同城对对碰论坛 上海同城对对碰交友社区ential conversion, a process Field estimated would cost an 上海龙凤论坛sh1f 上海龙凤论坛additional $9 to $20 million, according to the Wall Street Journal. The following year, Brown Harris Stevens Paula Del Nunzio took over the listing, lowering the ask to $42.5 million. Finally, Corcoran s Chiang saw the property through to sale as of today.

When called for comment, a receptionist at Chiang s office said Chiang would not comment to the press. A representative for Moinian Group did not immediately return a call seeking comment.

It s unclear if the purchase is a development play for Moinian or if the company founder, Joseph Moinian, plans to make the property his personal residence. Last year, the developer sold his Park Avenue co-op for $8.8 million.

In April, Chiang sold the Wildenstein Mansion, another property positioned for conversion, for a townhouse record of $79.5 million. An affiliate of HNA Group was the buyer.

Tags: Carrie Chiang, moinian group, Residential Real Estate
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Millennial Home Buyers

Meet the next generation of savvy US home buyers: millennials Informative, tre上海龙凤论坛 新上海贵族宝贝论坛ndy and Insta-savvy brokers step this way

Styled living room. (Credit all: Pixabay)

Millennials are officially home-buying age and, with the cash to back up their aspirations, they re expecting to be swept off their feet.

So how to reach this new cohort of buyers who were responsible for more than a third of American home purchases between July 2015 and June 2016? Well, a great Instagram account is a good start, but it won t seal the deal.

“Millennials need to see themselves living there,” New York broker Dolly Lenz told Mansion Global. “They’re more about an experience than anything else.”

These experiences could range from a showing featurin上海贵族宝贝 上海千花网龙凤论坛g catering by a local coffeehouse or restaurant爱上海同城 爱上海, an impromptu fashion show or a salon-style get-together populated by groups of presumably smart and cultured potential buyers.

“We try to bring together an interesting group of people, so that even if they don’t buy in this development, we’re in contact with them afterwards,” explained Ziegert Bank and Real Estate Consulting s Dorothea Metasch.

爱上海 爱上海同城手机版Brokers should also be ready to get quizzed.

“Millennials ask amazing questions,” Kuper Sotheby’s International Realty s Brennan Stravlo told Mansion Global. “They want to know everything about a property before they make a decision.”

But perhaps the best way to attract and win over millennial buyers is hiring millennials to make the sale, because as one broker, who is himself a millennial, said, “we understand their fears, their concerns and their must-haves.” [Mansion Global] Erin Hudson

Tags: Dolly Lenz, Re爱上海龙凤419桑拿 上海龙凤论坛sh1fsidential Real Estate
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Porn Industry Real Estate

Sticky business: Buyer backs out of deal after discovering home s porno past The home was used as a set for pornos for years

Paradise Valley, Arizona. (Credit from back: Sean Horan, Public Domain Net)

Here s one surefire way to throw the value of your home into question: shoot a porno at home.

Buying a former film set sounded glam, until buyer Linda Fein sleuthed out t上海夜网论坛 上海夜网he goods and realized the home she d just put a $1.上海贵族宝贝 上海千花网龙凤论坛8 million offer down on had been the backdrop of a series of pornos, according to the New York Post.

“I just can’t make Thanksgiving dinner on counters where a porn star has be新上海贵族宝贝论坛 上海贵族宝贝交流区en lounging around, said Fein to the Arizona Republic.

The four-bedroom home in Paradise Valley is owned by Kevin and Sandra Otterson, a couple who operates a porn website called Wifey’s World for which the 1.3-acre lot is a backdrop. The c爱上海同城对对碰 爱上海同城论坛ouple have run the site since 1998 and are known to some 360,000 Twitter followers as Hubby and Wifey with their home clearly displayed in their videos.

What shocked Fein was that no one would have told her if she hadn t figured it out herself: “At that price point, I figured there might be some courtesy to the buyer, but Arizona has no disclosure laws surrounding home-made porn though the Redfin listing agent was the one who dropped Fein a hint that led to the 新爱上海同城对对碰论坛 上海同城对对碰交友社区truth by saying the home had been used by the entertainment industry.

The home is listed for $2.2 million. [NYP] Erin Hudson

Tags: mansions, Residential Real Estate
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Southampton office building sells for $9.8M

上海千花社区 上海千花网交友

A 21,000-square-foot office park at 365 County Road in Southampton sold for $9.8 million爱上海 爱上海同城手机版. The buyer is 1695 Realty LLC, which is listed to the real estate investor, Robert Rankell上海夜网论坛 上海夜网. Rosew上海千花网论坛 上海千花网ood Re阿爱上海同城 阿拉爱上海同城alty Group’s Jack Zalta represented the buyer while Dan Flynn of JLL represented the seller. [LIBJ]

Tags: long island
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