The office and retail complex at 620 Sixth Avenue has a new owner: an investor group including Yair Levy, officially sold it for $500 million as the year of 2011 ended, Now the troubled investor, Levy, can deposit $8.1 million in proceeds into an escrow fund to repay his former Rector Square condominium. Levy was [...]
The iconic skyscraper in the heart of New York City was sold to Metro Loft Management a couple of days ago for $205 million. The company slated up the1.1 million square-feet to convert it into luxury rentals and to install a hotel in the lower portion. “We will give our best short,” Nathan Berman, principal [...]
REIT Chesapeake Lodging Trust signed its first New York real estate purchase by acquiring the 122-room Holiday Inn. The real estate located at 30-32 W. 31st St. in Midtown was sold for $52.2 million the company announced recently. THe manager of the hotel will be the Ocean City-based Real Hospitality Group. The CEO of Chesapeake [...]
Derek Quinlan, an Irish financier overwhelmed with debt has just sold another luxury real estate from his portfolio way under its asking price. The price paid for the Upper East Side property was at least $5 million less than its original listing price. The Real Deal reported that the sale closed for $20 million for [...]
In just 3 months after it officially started to market the classic pre-war building at 1212 Fifth Avenue, nearly half of the condos are sold. Crains New York reported that the 55-unit conversion’s marketing plan went public just a few weeks ago, and the sales started with a 3.,600 square-feet, five-bedroom unit, sold for $50 [...]
After almost 20 years the Kalikow Group, a company based in Long Island made its first purchase in New York, by acquiring the 30-unit, three building portfolio located at 113-117 Elisabeth St. in Little Italy. The price paid for the property was $12.6 million. “Over the past 20 years, we made our mark and had [...]
A New York State Supreme Court judge appointed a receiver to oversee a portfolio of 36 apartment houses. The owners of the apartment complex – Pinnacle Group and the Praedium Group – are facing foreclosure initiated by Dune Real Estate Funds. According to Crain’s New York, “Joel Weiner, the head of Pinnacle Group, is a [...]
Queens home sales dropped 9% in the third quarter compared to the same period a year ago, a recent report issued by NYU’s Furman Center for Retail Estate and Urban Policy highlights. Another issue highlighted by the report is Queens home prices dropped too during this period. Prices have depreciated 30% from their peak levels, [...]
A five-story, 23,664 square-feet building located at 23 Park Place in the Financial District is scheduled for foreclosure auction in an attempt of its mortgage holder to take ownership. According to PropertyShark records the lender is Rossrock Fund, owner of commercial mortgage loans, originating mezzanine loans and commercial real estate properties. The Renaissance-style building now [...]
