40 Wall Street

Trump’s 40 Wall Street is full of “frauds, thieves and schemers”: report A look at office tower’s history of tenants with sketchy rap sheets

Donald Trump and 40 Wall Street

At a presidential primary rally in Maine earlier this year, Donald Trump said that those who have mocked his failed businesses “don’t want to talk about 40 Wall Street. The 72-story Financial District office tower is home to “many of the top-notch businesses in the world, the presumptive Republican nominee has said.

A Bloomberg report Wednesday told a different story. The news outlet reported that ever since Trump took control of the building in 1995, it has housed “frauds, thieves, boiler rooms and penny-stock schemers.”

“[N]o U.S. address has been home to more of the unregistered brokerages that investors complain about, according to the Securities and Exchange Commission’s current public alert list,” said the Bloomberg article. The building is said to be the most valuable in Trump’s real estate portfolio.

According to Bloomberg, there are more than two dozen alleged and confirmed schemes, scams and examples of regulatory malfeasance tied to the building. Among them is New York state Attorney General Eric Schneiderman’s case against Trump University, which was headquartered on the building’s 32nd floor before it shuttered.

The building also housed 上海贵族宝贝论坛 上海贵族宝贝the offices of real estate lawyer Luigi Rosabianca, who is facing up to 12 years in prison after pleading guilty to grand larceny.

The average re爱上海同城对对碰 爱上海同城论坛nt at the building is $36 per square foot, roughly $20 less than the average asking price in the area, the news outlet said.

In response, Trump s son Donald Trump Jr. said asking prices at 40 Wall Street exceeded that of comparable Downtown buildings, but he did not specify what the comps were.

“40 Wall’s average annual rent continues to achieve a record of immense success with 97 percent occupancy, a vacancy rate virtually unheard of in Downtown Manhattan,” he wrote. [B上海龙凤论坛 新上海贵族宝贝论坛loomberg] –阿拉爱上海同城 爱上海龙凤419桑拿 Rich Bockmann

Tags: 40 wall street, Donald Trump
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American Psycho Apartment

Take a peek inside the American Psycho apartment The virtual tour from Archilogic lets you experience the clinical, creepy interiors firs新爱上海同城对对碰论坛 上海同城对对碰交友社区t-hand

Archilogic’s interactive 3D model of the American Psycho apartment

You probably thought Patrick Bateman’s apartment was one to skip, but a 3D virtual tour is a very different story.

The 2000 film American Psycho tells the story of investment-banker-slash-serial-killer Bateman, who is played with unnerving precision by Christian Bale. His cozy one-bedroom Manhattan apartment, which was put together by set designer Gideon Ponte, is impersonal and cold much like the character himself. It s a crucial part of the film s 上海同城对对碰交友社区 上海夜网论坛unsettling vibe.

Now 3-D modeling firm Archilogic has made it possible to tour through the apartment without the fea上海夜网论坛 上海夜网r of murder, ArchDaily reported.

With the interactive 3D model上海千花网交友 上海千花网论坛 tour, you can experience the apartment through the comfort of a computer screen. First there s the clinical kitchen. Then there s the industrial feeling living room which is complete with a Mackintosh chair and a Miles van der Roche Barcelona suite. Adding to the discomfort are the oversized Robert Longo artworks. [ArchDaily] Miriam Hall

Tags: movies
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421a

421a s got a new name: Affo阿爱上海同城 阿拉爱上海同城rdable New York In interview with Catsimatidis, Cuomo unveils tax cut rebranding, will send bill to legislature today

Andrew Cuomo and John Catsimatidis

421a is deader than ever.

But that s just because the forthcoming bill to revive the developer tax cut, which costs the city over $1 billion in property tax revenue annually, won t be called 421a anymore.

We call it ‘Affordable New York’,”Gov. Andrew Cuomo said in a Sunday morning radio interview with developer and grocery mogul John Catsimatidis, according to the New York Daily News. “It has been signed off by the real estate community and the labor unions.

Cuomo said the new program would create 2,500 units of new affordable housing per year and that he is sending the proposed legislation to lawmakers later Sunday. He s expected to privately brief 上海贵族宝贝论坛 上海贵族宝贝legislators on his comprehensive 2017-2018 budget proposals on Tuesday.

For more than a year, the 421a abatement that saves developers big in taxes and creates some affordable housing has been unavailable for ne上海贵族宝贝交流区 上海贵族宝贝论坛w development projects, following a sunset of the previous law in January of 2016.  In December, The Real Deal and ProPublica published a detailed analysis of how the industry bankrolls state legislators who are sympathetic to 421a.

Cuomo had said he would not sign a new bill until the two largest lobbying groups for real estate developers and construction workers worked out a deal on higher worker wages. He got his wish in November, when the Real Estate Board of New York and the Building and Constr上海千花网 爱上海同城对对碰uction Trades Council of Greater New York announced a deal bringing higher wages to workers at large projects in prime locations. 

Apart from 421a, Cuomo told Catsimatidis he hoped legislators would now release $2 billion in funding for homeles上海夜网 阿爱上海同城s and supportive affordable housing. [NYDN] – Will Parker

Tags: 421a, Andrew Cuomo, John Catsimatidis
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Durst Organization

Durst to move National Debt Clock back to One Bryant Park Ticker blocks new entrance planned for software上海贵族宝贝论坛 上海贵族宝贝 company at 1133 Sixth Ave.

One Bryant Park and the National debt clock (Credit: Durst and Getty Images)

The clock that Seymour Durst v新爱上海同城对对碰论坛 上海同城对对碰交友社区owed would stay up as long as the country s debt or the city上海贵族宝贝交流区 上海贵族宝贝论坛 lasts, is coming down again — at least for now.

The National Debt Clock at 1133 Sixth Avenue will be taken down on Thursday to make way for a new entrance at the Durst Organization s building, the New York Post reported. The developer installed the original clock, which estimates the United States current national debt and each family s share of it, in 1989 at Sixth Avenue and 42nd Street. At the time, the debt was under $3 trillion.

The original clock, which was made up of 306 light bulbs, was replaced with a digital version and moved from its initial location when the Dursts demolished a low-rise building to make way for One Bryant Park. In a few weeks, the clock will be moved back to上海夜网论坛 上海夜网 One Bryant Park.

Douglas Durst had to add one more digit to the clock after the national debt broke $10 trillion in 2008. As of Monday, the clock placed the national debt at $19 trillion and each family s share at more than $168,000.

According to the Durst Organization, the clock blocks the new entrance planned for one of the building s tenants, Take-Two Interactive. The softw爱上海同城手机版 新爱上海同城对对碰论坛are company, which counts Grand Theft Auto among its creations, inked a 15-year lease last year for 61,383 square feet in the building. [NYP] — Kathryn Brenzel 

Tags: 1133 Sixth Avenue, Commercial Real Estate, durst organization, one bryant park
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Valuable Retail Leases

NYC s 10 most valuable retail leases of 2017 Top deal of the year is just a fraction of 2016’s priciest lease

The retail market had a tough year in 2017.

Case in point: The year’s priciest lease, Hyundai/Genesis’ $11 million deal in the Meatpacking District, was less than one-third as valuable as the most expensive deal from 2016.

In 2017, there were no blockbuster deals on the expensive stretch of Fifth Avenue on par with Nike’s $35 million deal last year at 650 Fifth Avenue or the Swatch Group’s $35 million lease at the St. Regis hotel the year be阿拉爱上海同城 爱上海龙凤419桑拿fore.

Instead, 2017 saw just a small handful of deals crack the $10 million mark, with Sephora and Levi’s inking leases in Times Square. The overheated retail market, the Amazon effect and a wave of retail bankruptcies certainly had an impact on sentiment this year.

But there are indications that there could be brighter days in 2018, as retail experts say they’ve seen an uptick in activity toward the end of the year as rents have corrected to levels where tenants are starting to return to the market.

For 2017, The Real Deal ranked the most valuable retail leases of the year, according to several interviews with sources familiar with lease values. The ranking is based on the first year s approximate rent payment. For each deal, TRD reached out to the tenant, landlord or brokerage. Most did not respond to a request for comment.

Genesis General Manager Erwin Raphael and renderings of 40 Tenth Avenue (Credit: 上海龙凤论坛 新上海贵族宝贝论坛Genesis and Studio Gang Architects)

1) Hyundai/Genesis
40 10th Avenue
$11 million

Genesis, the high-end luxury brand from South Korean automaker Hyundai, inked 2017’s priciest lease late in the year when it signed on for roughly 40,000 square feet at the base of Aurora Capital Associates and William Gottlieb Real Estate’s Meatpacking District development at 40 10th Avenue, also known as the Solar Carve.

It’s at least the second luxury car brand to do a deal in the Meatpacking District. Last year, Tesla Motors signed a lease at Romanoff Equities and Property Group Partners’ 860 Washington Street.

1535 Broadway in Times Square

2) Sephora (tie)
1535 Broadway
$10 million to $11 million

In a case of the grass being greener on the other side, beauty giant Sephora inked a lease to relocate across the Times Square “bow tie” to Vornado Realty Trust’s redevelopment of 1535 Broadway.

Sephora took roughly 6,000 square feet on the ground floor and another 12,000 square feet on the lower level at the base of the Marriott Marquis hotel. Vornado is repositioning the 45,000 square feet of retail it controls at the base of the building through a 20-year lease it signed in 2012 with Maryland-based Host Hotels Resorts for $213.2 million.

Sephora will relocate from Tamares Group’s 1500 Broadway.

Times Square and Levi s (Credit: M62)

2) Levi’s (tie)
1535 Broadway
$10 million to $11 million

In another big Times Square coup for Vornado’s 1535 Broadway, all-American denim brand Levi’s stitched up a 17,250-square-foot lease at t[……]

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Google Chelsea Market

Google closes on $2.4B 75 Ninth buy, but Jamestown is sticking around Seller will hold onto Chelsea Market’s intellectual property
上海龙凤论坛sh1f 上海龙凤论坛

Google s Sundar Pichai, Jamestown s Michael Phillip上海贵族宝贝交流区 上海贵族宝贝论坛s and Chelsea Market at 75 Ninth Avenue

Google closed on its $2.4 billion purchase of the Chelsea Market building Tuesday, but seller Jamestown Properties is holding onto at least one important piece.

The investment manager is keeping the branding rights and intellectual property of the Chelsea Market name, and is looking to open offshoot locations, the Wall Street Journal reported.

Jamestown, with about $11.8 billion in assets under management, is checking out emerging neighborhoods in Europe and the United States and is looking to announce “at least one, perhaps two” new Chelsea Market spots by the end of the year, company president Michael Phillips told the Journal.

“The concept travels,” he said. “Our intention is to create this community of buildings.”

The company will continue to manage the Chelsea Market food hall, which draws about 6 million visitors a year.

Google earlier this year inked a contract to buy the 1.2 million-square-foot building at 75 Ninth Avenue, as The Real Deal first reported. The tech gia上海夜网论坛 上海夜网nt, which has a market cap of $800 billion, occupies at least 400,000 square feet at the property. The building also comes with an additional 300,000 square feet of development rights.

Jamestown bought a 75 percent stake in the building in 2003 and purchased the remaining ownership in 2011, spending a total of $790 million.

As TRD reported in its March issue, Jamestown received multiple unsolicited offers for the property over the past few years. Instead of focusing on 上海夜网 阿爱上海同城a lease, Google s conversations with Jamestown centered on an acquisition of the property, according to multiple sources.

At $2.4 billion, it 上海千花网交友 上海千花网论坛is the second-priciest deal for a single building in New York City history. It also claims the highest price per square foot among city buildings that sold for $2 billion or more an eye-popping $2,000. Google has paid at least $4 billion for New York City real estate in the last decade. [WSJ] – Rich Bockmann

Tags: chelsea market, Commercial Real Estate, google, jamestown properties
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CBSK Ironstate

Ironstate-led group lands $100M+ condo inventory loan in Murray Hill Deutsche Bank provided the financing

From left: CBSK Ironstate principal Michael Barry (blue), a rendering of 591 Third Avenue, and CB Developers  Charles Blaichman (orange)

CBSK Ironstate scored a $102.8 阿拉爱上海同城 爱上海龙凤419桑拿million condo inventory loan for the Lindley, a 74-unit project in Murray Hill, sources told The Real Deal.

The 20-story buildi爱上海同城论坛 爱上海同城ng, located at 591 Third Avenue, has a total projected sellout of about $143 million, and was approved to start selling units in January 2017. It s unclear how many units remain on the market.

Deutsche Bank provided th阿拉爱上海同城 爱上海龙凤419桑拿e financing to the developer, which is a partnership between David and Michael Barry s Ironstate Development, Charles Blaichman s CB Developers and Abe and Scott Shnay s SK Development Group. The deal was brokered by Maverick Commercial Properties Adi Chugh and closed Monday.

The developer and brokers couldn t be reached for comment. CBSK Ironstate bought the site in 2014, paying $25 million for three adjacent five-story rental buildings.

In June, CBSK scored a $250 million debt-and-equity package for its 222-unit condo project at 646 11th Avenue. Deutsche Bank provided the $181 million construction loan there.

Condo inventory loans have made a big comeback in the market over the past 18 months, as many construction loans approach maturity and developers find that financing options are not as attractive as they were when they first took on their projects.

Tags: CBSK Ironstate, Commercial Real Estate, condo financing, Deutsche Bank, Maverick Commercial Properties, Real Estate Finance, Residential Real Estate
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