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New York Supreme Court

The judges who rule real estate: Judge O. Peter Sherwood Part V in TRD’s overview of the New York property law bench

From the April issue: This month, The Real Deal profiled six of the nine judges on the Supreme Court’s Commercial Division bench — focusing on those who have overseen some of the city’s biggest real estate cases in the last few years.

Justice O. Peter Sherwood has held more public positions in law than perhaps many people know exist.

From 1986 to 1991, he served as New York State’s solicitor general. From there he went on to work for then-mayor David Dinkins as chief attorney, making diversity among his legal staff a top priority.

Over the years, he’s also sat on several boards and commissions. In 2008, he was nominated as a judge to the Court of Claims by then-Governor新爱上海同城对对碰论坛 上海同城对对碰交友社区 David Patterson. He is now an acting judge of the Commercial Division.

Recent cases from the Sherwood docket include favorable decisions for some marquee real estate machers.

In 2013, he sided with the Malkins in their move to consolidate 19 properties —among them the Empire State Building — into a publicly traded company known as the Empire State Realty Trust. (Sherwood dismissed one shareholder complaint爱上海同城论坛 爱上海同城 in the case and mediated a $55 million settlement in another.)

Meanwhile, in 2012, Sherwood decided in favor of real estate titan Rubin Schron when he sued partners intent on preventing him from exercising an option to sell two nursing homes.

And back in 2010, Sherwood made industr[……]

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Lutèce restaurant

Fin! Developers cook up plan for resi building at home of former Lutèce restaurant Upper East Side site to give way to 16-story, 29-unit development

From left: Gordon Gekko, Don Draper and Lutèce restaurant at 249 East 50th Street

Famed French restaurant Lutèce may live on in memory and the screen, but its old home is c爱上海同城论坛 爱上海同城ooked.

The consortium of Chinese families that bought the former of home of the hot spot that, in its heyday, was considered the best restaurant in America, plans to develop a 16-story residential building at the Upper East Side site.

The owners filed plans to build a 29-unit, 49,434-square-foot building at 249 East 50th Street, part of a site they bought in 2014 for $17 million, according to records filed with the Department of Buildings over the weekend.

Th爱上海龙凤419桑拿 上海龙凤论坛sh1fe lower s上海千花网 爱上海同城对对碰tories will feature four apartments each, and above the seventh the building will have full-floor apartments.

Issac Stern is the architect of record. Tun Kyaw is listed as president of the LLC that owns the property.

While the property traded hands in 2014, Lutèce新爱上海同城对对碰论坛 上海同城对对碰交友社区 closed its doors a decade earlier after a 43-year run as one of the best French restaurants in the country.

Its fans included TV chef Julia Child and Zagat, which named it the finest place to eat for six consecutive years in the 1980s.

The restaurant has bee上海龙凤论坛 新上海贵族宝贝论坛n featured in films like Oliver Stone s Wall Street as well as the AMC series Mad Men, for which a reproduction was created on set.

Plans to demolis[……]

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11 Times Square

ETrade takes 31K 上海贵族宝贝 上海千花网龙凤论坛sf at SJP’s 11 Times Square Digital consulting firm Synechron also takes 12K sf, bringing building to 95% occupancy

Steven Pozycki and 11 Times Square (Credit: Eleven X)

Online discount stock brokerage ETrade inked a deal to lease more than 31,000 square feet at SJP Properties’ recently rebranded 11 Times Square office tower.

The firm, which 爱上海同城 爱上海is relocating from 1271 Sixth Avenue, took 31,234 square feet in the 1 million-square-foot tower, the New York Post reported.

爱上海同城手机版 新爱上海同城对对碰论坛Digital consulting tech firm Synechron also took 11,831 square feet in the building, bringing the office space to 95 percent leased. Synechron will be relocating from 15 Maiden Lane.

Rents are around $90 per square foot, according to SJP leasing director Jeff Schotz.

It’s been a long road f上海同城对对碰交友社区 上海夜网论坛or the property, which SJP and partner PGIM (formerly Prudential’s PREI) built on spec as the market crashed amid the Great Recession.

Other office tenants include Proskauer, Microsoft and the hedge fund Moore Capital. The owners still have about 50,000 square feet of vacant retail after a pair of food tenants, Urbo and Senor Fr上海龙凤论坛 新上海贵族宝贝论坛og’s, failed.

Norges Bank bought a minority stake in the property back in early 2015.

The owners have rebranded the building, giving it the new moniker 11|X. [NYP] – Rich Bockmann

Tags: 11 Times Square, SJP Properties, steven pozycki
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The Shed Hudson Yards

Michael Bloomberg injects $75M into the Shed at Hudson Yards $421M has now been raised for the center’s capital campaign

Michael Bloomberg donated and rendering of the Shed (Credit: Getty Images and Diller Scofidio + Renfro)

Former Mayor Michael Bloomberg donated $75 million towards the construction of the Shed, an arts center slated to open at Hudson Yards in 2019.

Bloomberg made an undisclosed donation of $15 million in 2012, the New York Times reported, and yesterday added $60 million to his contribution. The money was given through his charity organization Bloomberg Philanthropies. A total of $421 million has now been co上海千花网交友 上海千花网论坛llected toward a $500 million capital campaign, the Shed’s chairman and president Daniel Doctoroff told the newspaper.

In 2013, the Bloomberg administration allocated $50 million to the Shed, which was the biggest cultural capital grant of that year.

Designed by Diller Scofidio + Renfro in collaboration with Rockwell Group, the shed is a flexible, performative structure that can physically changed fo新爱上海同城对对碰论坛 上海同城对对碰交友社区r different performances and guests. Spanning six levels, it will have 25,000 square feet of museum space, a 500-seat theater, event and rehearsal space and an artist lab. Con阿拉爱上海同城 爱上海龙凤419桑拿struction started in mid-2015 and is scheduled for completion in 2019.

Relate爱上海同城手机版 新爱上海同城对对碰论坛d Companies’ Stephen Ross, the main developer of Hudson Yards, is on the Shed’s board, along with Diane Von Furstenberg. The fashion designer, with husband Barry Diller, gave at le[……]

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US Homeownership Rate

Bad news for the rental market: Millennials have finally started buying homes 上海龙凤论坛sh1f 上海龙凤论坛Homeownership increased to 63.9 percent during the third quarter

(Credit: Getty Imag上海贵族宝贝论坛 上海贵族宝贝es)

Sorry, apartment landlords, but it looks like millennials are interested in settling down and buying houses after all.

According to the U.S. Census Bureau, homeownership rose to 63.9 percent in the third quarter of the year, the highest rate it has reached since 2014, the Wall Street Journal reported. This is partially due to millennials hitting that age where a house and a family start to seem more appealing than an apartment and a fledgling improv care上海千花社区 上海千花网交友er.

The growing homeownership rate could bring an end to the strong rental market, with American Homes 4 Rent having already reported disappointin上海夜网 阿爱上海同城g growth in revenue for the third quarter. The supply of rentals has also shot up, with the seasonally adjusted rate of apartments under construction hitting 596,000 in September, almost double the long-term average of 300,000.

However, some investors in multifamily buildings 阿拉爱上海同城 爱上海龙凤419桑拿still feel good about their market since the pace of housing construction is still slower than the pace of household formation.

A recent National Association of Realtors report found that 83 percent of millennials who don’t own a home say student debt is the reason, while a study from Apartment List found that only 44 percent of millennials can afford New York City’s median rent of $1,802. [WSJ] – Eddie Small

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Real Estate Salary

Making bank? TRD’s research on what South Florida’s real estate professionals get paid reveals that a slowing market means some are working twice as hard for the same amount of cash

(Illustration by Andrew Colin Beck)

On television, real estate professionals flip homes and easily walk away with as much as $50,000 in profit — on a slow day. Or they sit comfortably in the shark’s chair like Barbara Corcoran, with a net worth of $80 million derived from launching and selling what is now one of New York’s largest real estate companies.

But in real life — and particularly in South Florida — competition is fierce and every dollar is hard-won. As the sluggish residential luxury market limps along with an excess of inventory and the commercial market sees tenant incentives galore, real estate pros are working overtime for their money.

Fewer buyers, more product coming online and the impact of Hurricane Irma have made 2017 a particularly challenging time for residential sales, luxury agents told The Real Deal. The frenzy of activity the area experienced in recent years has quieted, and sales have become ultra-price sensitive. “It is definitely harder to sell homes right now, and it’s more expensive,” said Jill Eber, a top broker and one half of the power duo behind the Jills, a Coldwell Banker Real Estate team. “You have to market more We are using whatever tools we need to use — videos, drones, the internet — whatever we have to do to stay ahead and service clients.”

Meanwhile, commerci[……]

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Creditsights NYC Office

Credit research firm inks 28K sf lease in Midtown South CreditSights signs on for 10 years at 2 Park Avenue

2 Park Avenue in Midtown South

Research firm CreditSights signed a lease for roughly 28,000 square feet in Midtown South.

The company, founded in 2000, signed a 10-year爱上海 爱上海同城手机版 lease at Morgan Stanley Real Estate Fund’s 2 Park Avenue, sour爱上海龙凤419桑拿 上海龙凤论坛sh1fces told The Real Deal.

Representatives for CreditSights did not respond to multiple requests for comment, and a spokesperson for Morgan Stanley couldn’t be immediately reached.

The starting rent in t爱上海 爱上海同城手机版he deal was in the mid-$60s per square foot, according to CompStak.

It wasn’t immediately clear if the tenant will be relocating its headquarters from its current location at TH Real Estate’s 470 Park Avenue South. CreditSights occupies about 20,00 square feet there on a lease set to expire in late 2021.

Savills Studley’s Nick Farmakis represented CreditSights in the deal. A Cushman Wakefield team led by Tara Stacom handles leasing at the 981,000-square-foot property at 2 Park Avenue. Neither broker responded to requests for comment.

Tags: Commercial Real Est爱上海龙凤419桑拿 上海龙凤论坛sh1fate, Cushman Wakefield, midtown south, Morgan Stanl上海贵族宝贝交流区 上海贵族宝贝论坛ey, Savills Studley, Tara Stacom
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Developer files $100M lawsuit against Long Beach over tax breaks

Manhattan developer iStar Financial sued the city of Long Beach阿拉爱上海同城 爱上海龙凤419桑拿, claiming上海贵族宝贝 上海千花网龙凤论坛 it has lost $100 million爱上海同城论坛 爱上海同城 in revenue as city officials failed to offer support for tax breaks that Nassau County turn阿爱上海同城 阿拉爱上海同城ed down, Newsday reported. The city officials had issued an initial letter of support for the上海千花网 爱上海同城对对碰 first application for tax breaks, but didn’t for the firm’s additional requests that followed. iStar submitted plans in 2014 for 522 apartments in two 15-story towers with 11,000-square-feet of boardwalk-level retail space. City officials will vote Thursday to either extend or revoke permits, soon due to expire, which are vital to the project. [Newsday]

Tags: long island
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New Canaan resident hits zoning commission with suit over planned athletic facility

New Canaan resident hits zoning commission with suit over planned athletic facility

A woman who lives next to New Canaan Country School is suing the New Canaan Planning Zoning Commission, claiming an athletic facility the com上海千花网交友 上海千花网论坛mission app爱上海同城 爱上海roved “will have more negative impact on the use, enjoyment and 上海龙凤论坛 新上海贵族宝贝论坛value of [her] property than it would literally anywhere else on the 70-plus acre school property,” the Fairfield County Business Journal reported. The commission approved the 25,000-square-foot project, but the resident claims its approval was “illegal, arbitrary,爱上海同城对对碰 爱上海同城论坛 capricious and constitutes an abuse of discretion for a variety of reasons.” [FBJ爱上海同城手机版 新爱上海同城对对碰论坛]

Tags: Westchester Fairfield
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Auctions

The sale of a lifetime: Storage Wars auctioneer sold a unit containing $7.5M for $上海千花社区 上海千花网交友500 The buyer of the unit found a safe containing millions

(Credit: iStock)

The buyer of a storage unit上海千花网 爱上海同城对对碰 inadvertently landed the deal of a lifetime.

A man bought a storage unit from “Storage Wars” reality TV star Dan Dot新爱上海同城对对碰论坛 上海同城对对碰交友社区son at an auction for $500 and later discovered it contained an unopened safe holding $7.5 million, according to the New York Post.

The news came out after the man s wife approached Dotson at another auction and explained what they found.

The former owner of the unit later contacted the couple through an attorney offering them $600,000 in exchange for r上海龙凤论坛 新上海贵族宝贝论坛eturning the money. The new owners declined at first and eventually settled on giving back $6.3 million and keeping $1.2 millio新爱上海同城对对碰论坛 上海同城对对碰交友社区n. [NYP] Erin Hudson

Tags: Commercial Real Estate, self storage
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