Buyer sues Douglas Elliman for windows with brick wall views

Buyer sues Douglas Elliman for windows with brick wall views Talk about buyer’s remorse

A window opening to a brick wall

Stacey Widlitz, a retail analyst, had a bit more trouble negotiating the wild world of residential real estate recently, according to a lawsuit. She says that after being repeatedly promised skyline views, all she got was an apartment with windows that opened onto a brick w新上海贵族宝贝论坛 上海贵族宝贝交流区all.

5 Franklin Place

Widlitz says her lawyer and real estate agents at Douglas Elliman had promised that her newly built TriBeCa apartment c新上海贵族宝贝论坛 上海贵族宝贝交流区ame with views of the Manhattan skyline. And for those vistas, she forked over $1.39 million, according to the New York Post.

But after seeing the one-bedroom, one-bath unit at 5 Franklin 上海贵族宝贝 上海千花网龙凤论坛Place, a 20-story building with 53 residences, she discovered that her windows faced brick walls. She purchased the unit while the building was still under construction.

Both Elliman and her then-lawyer, Godfrey Lee, repeatedly told Widlitz the home would have “full city and skyline views,” she claims in a Manhattan Supreme Co上海千花网交友 上海千花网论坛urt lawsuit spotted by the Post.

The claim states that she made it clear to Douglas Elliman “that the views from the apartment wer上海千花社区 上海千花网交友e vital to a deal and were the determining factor as to whether or not [she] would purchase,” according to court papers.

She is seeking unspecified damages. [NYP] –Christopher Cameron
Tags: 5 franklin place, Real Estate Lawsuits
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Gary Barnett Extell

Extell lands $55M Bank of Ozarks loan for UES condo Gary Barnett-led firm closed on 350 East 86th for $93M

350 East 86th Street on the Upper East Side (inset: Gary Barnett)

Gary Barnett’s Extell Development nabbed a $54.9 million acquisition loan from Bank of the Ozarks for the developer’s latest Upper East Side condominium development.

The acquisition loan coincided with the Extell’s  closing on a Gristedes supermarket at 350 East 86th Street, according to property records. The purchase price for the site was $93 million.

Extell went into contract last year on the property, where it新爱上海同城对对碰论坛 上海同城对对碰交友社区’s planning a 20-story condo. The supermarket parcel will be combined with four low-rise properties that Barnett previously assembled on First Av上海夜网 阿爱上海同城enue between East 85th and 86th streets.

So far, plans haven’t been filed for the project, located within blocks of another Extell project that’s currently under construction. The Kent, located at 200 East 95th Street (also known as 1681 Third Avenue), will be a 30-story condo tower with a projected sellout of $535.34 million.

Bank of the Ozarks, a regional bank based in Arkansas, has ramped up investment in New York City real estate in recent months. Tishman Speyer said it would start construction on its 1.1 million-square-foot Long Island City office-and-retail development after landing a construc阿拉爱上海同城 爱上海龙凤419桑拿tion loan from the bank and Qatari Diar.

In other Bank of the Ozarks deals, Ashkenazy Acquisition Corp. secured $92 million for its purchase[……]

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Trump Hotel Washington DC

Trump may have to sell his DC hotel at a loss President-elect needs the buyer to pay $806K a room to recoup investment

Donald Trump and the Trump International Hotel Washington DC

President-elect Donald Trump may be forced sell his Washington D.C hotel at a financial loss, if he decides to bow to mounting pressure and separate himself from the property.

The Trump Organization spent $212上海千花网 爱上海同城对对碰 mi上海贵族宝贝交流区 上海贵族宝贝论坛llion 80 percent of which was borrowed from Deutsche Bank redeveloping the historic Old Post Office into a 263-room hotel, Bloomberg reported. For the organization to recover its investment, it would need to sell it for around $806,100 per room. The property, which is on Pennsylvania Avenue, has attracted intense scrutiny over the conflicts of interest issues it presents.

In terms of its value, the hotel only opened in September and th上海贵族宝贝论坛 上海贵族宝贝ere’s limited information on its earning capacity. “At $800,000 a room, it would certainly be at the top end of the market for luxury hotel values in the district,” Andy Wimsatt, a Washington-based managing director in hotel brokerage and investment sales at CBRE Group Inc., told Bloomberg.

The conflicts of interest that surround the hotel are complex. The building itself is rented from the federal government, which would put Trump on both sides of the lease if he doesn t sell. However, if he were to sell the property, he could face criticism that higher bids were made to curry favor with the next president, according to the publication. T[……]

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Howie Guja

Courtesy Howie Guja

Forget the Hamptons, if Howie Guja, photographer and real estate agent, keeps doing what he s doing, Bellport, NY, will be the next hot vacation destination.

Guja 新爱上海同城对对碰论坛 上海同城对对碰交友社区grew up in Babylon Village in Suffolk County — only about a 30 minute drive away from Bellport. Yet he stumbled upon it almost by accident as a student at the School of Visual Arts, when his sister s friend needed a ride there.

Howie Guja

As soon as you turn on South Country Road, you step back in time, he said. It s just beautiful, beautiful leafy streets, white picket fences, clapboard and shingled homes, green shutters. I said, I have to come back here.’

He did come back, and has lived in Bellport with his famil上海千花网交友 上海千花网论坛y since 2006.

His photos of the idyllic surroundings have earned him almost 26,000 followers on Instagram, some of whom even turn into residents themselves.

Some locals worry that Guja’s Instagram will make Bellport too popular. One couple that he showed around阿拉爱上海同城 爱上海龙凤419桑拿 town after they reached out through Instagram made an offer on a house on the spot.

He has since sold 10 homes — a large number considering Bellport is only two square miles.

The village may be small, but it continues to attract big names in fashion, art, and culture. Past residents include Vogue’s editor-in-chief Anna Wintour, designer Isaac Mizrahi, and First Lady Jackie Kennedy. Designe新爱上海同城对对碰论坛 上海同城对对碰交友社区r Francisco Costa, actress Isabella Rossellini, and art dealer Angela Westwater currently call it home.

Despite[……]

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Hamptons Home Sales

Hamptons resi sales jump to highest level in two years Prices still haven’t returned to pre-financial crisis levels

Clockwise from bottom left: 311 Lumber Lane Bridgehampton, 6 Old Towne Lane, 719 Daniels Lane Sagaponack and a home in Bridgehampton

Residential sales in the Hamptons jumped again in the second quarter of 2017, with the higher end of the market seeing the most activity.

However, while sales have picked up following a lackluster 2016, prices are still not back to their pre-Lehman Brothers levels, according to the quarterly report from Douglas Elliman. Overall, sales jumped nearly 23 percent from last year to 上海千花网龙凤论坛 上海千花社区hit 689.The greatest increases were at the higher end of the market. While sales in the under $1 million market increased 15.1 percent, sales in the over-$5 million market increased 45.5 percent. Sales above $10 million were up 100 percent on last year, according to the report.

Inventory also dropped for the eighth consecutive quarter, which is a similar trend in Manhattan. Overall, inventory fell 4.1 percent year-over-year. On the luxury end of the market, which is $3.9 million and above, inventory fell by 10.7 percent.

“It doesn’t mean there’s a shortage of supply, it means that part of the market is healing,” said Jonathan Miller, the CEO of appraisal firm Mille上海千花社区 上海千花网交友r Samuel and author of the report. “A lot of the over-priced product on the high end has expired.

The median sale price in the Hamptons hit $1.03 million last quarter, which is the seco[……]

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Jona Rechnitz

Rechnitz hit with subpoenas for personal, biz records in federal corruption trial Attorneys for JSR Capital chief say defendants are trying to discredit him as witness

Jona Rechnitz

Jona Rechnitz, the federal government’s star witness in its prosecution of the former Correction Officer s Benevolent Association union boss, was hit with subpoenas for personal and business records that his attorneys say are meant to discredit him when he takes the stand next week.

Attorneys for former hedge funder Murray Huberfeld, charged with paying a $60,000 kickback to union boss Norman Seabrook, served subpoenas last week on Rechnitz and his firm, JSR Capital, as well as his account上海千花网论坛 上海千花网ant and the law firm that handles his business deals, court records show.

The subpoenas seek, among other things, Rechnitz’s personal federal tax returns and those for his company from 2012 through 2016, contracts and loan agreements tied to questionable business deals and communications with the government regarding his cooperation with prosecutors.

Rechnitz’s attorneys, however, are trying to quash the requests, arguing they’re nothing but a fishing expedition seeking inadmissible hearsay.上海千花网 爱上海同城对对碰

“[T]heir only purpose is to fish for material to possibly impeach Mr. Rechnitz s credibility,” wrote attorney 上海千花网龙凤论坛 上海千花社区Alan Levine at the law firm Cooley, which is representing the real es上海龙凤论坛sh1f 上海龙凤论坛tate investor as a cooperating witness. Levine declined to comment further.

Huberfeld’s attorney, Henry Mazurek said he[……]

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Oxford Properties Group

Oxford to buy portion of Billionaires Row tower for $278M World Wide Group and Rose Associates selling leasehold on piece of property under 252 East 52nd Street condos

Blake Hutcheson and 1065 Second Avenue

Oxford Properties Group is buying the rental and commercial portions of World Wide Group and Rose Associates’ Billi上海夜网论坛 上海夜网onaires Row tower for nearly $280 million.

Oxford, which just closed on its $700 million purchase of a piece of the St. John’s Terminal site, is in the process of acquiring a leasehold interest in the rental and retail portion of the developers’ SOM-designed building at East 57th Street and Second Avenue, the Commercial Observer reported.

It’s the rental portion上海龙凤论坛sh1f 上海龙凤论坛 of World Wide and Rose’s 252 East 57th Street. Known as Aalto57 – with an address of 1065 Second Avenue – the sale includes 169 rental units and commercial spaces leased to Bank of America and Whole Foods.

The developers control the property under a long-term land lease they signed with the city, so Oxford can’t buy the fee position from them.

Oxford, the real estate investment arm of Toronto-based pension fu爱上海同城 爱上海nd OMERS, is buying the leasehold interest for $277.5 million. To close the deal, the company is also seeking between $150 million and $180 million in financing. Oxford is als爱上海 爱上海同城手机版o co-developing the Hudson Yards megaproject with Related Companies.

“The project is really interesting as it marks Oxford’s first true multifamily project with 100 percent ownership interest in the U.S.,[……]

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Jack Grubman, the former managing director of the investment bank Salomon Smith Barney, just lowered the price of his 7,000-square-foot East Hampton home by more than $2 million, from its original $16.9 million ask, Curbed reported. Grubman bought the property for $7 million in 2000 and is now listing it fo爱上海 爱上海同城手机版r $14,495,0上海贵族宝贝论坛 上海贵族宝贝00. The home, built in 1906, has seven bedrooms, six bathrooms, two half bathrooms, vaulted ceilings in the living room, a paneled library, an eat-in kitchen, a fireplace and a private sun porch. In 2002, Grubman renovated the whole thing and built a 1,200-square-foot guest house with a double-height great room, bluestone floors, a full kitchen and a bedroom suite. The property also has a heated pool, a Har-Tru tennis court and a three-car garage. Frank Newbold and Beate Moore of 上海夜网论坛 上海夜网Sotheby’s International Realt上海千花网交友 上海千花网论坛y are handling the listing. [Curbed]

Tags: Hamptons
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REBNY

Tempers flare at meeting between REBNY and resi brokerage chiefs Residential firms are getting shortchanged, Lorber told Banks

From left: Howard Lorber, Diane Ramirez, John Banks, and Pam Liebman (Credit: Getty Images (Lorber, Ramirez); Larry Ford (Banks); Sasha Maslov (Liebman))

If the Real Estate Board of New York were a restaurant, the city s top residential brokers have long felt they re seated near the kitchen.

Those old feelings resurfaced last month at a closed-door meeting between brokerage chiefs and REBNY president John Banks. Tempers flared, and Douglas Elliman chairman Howard Lorber, saying he’d had enough, stormed out of the room. “They got the message, let’s put it that way,” said one brokerage CEO in attendance.

Reached by phone, Lorber didn’t deny things got testy. He said his frustration stems from what he believes is REBNY’s tendency to focus on commercial members at the expense of residential firms.

“When you look at the dues paid by the residential side versus what the residential side gets compared to the commercial side it’s not a fair allocation of revenue and expenses,” he said.

Several sources said the latest spat has to do, in part, with Compass and allegations that the SoftBank-backed brokerage unfairly goes after other firms listings. Sources said that when Compass brings on a new agent, the agent is given a form to share with their clients, urging the seller to sign over the exclusive to Compass.

“The group feels that’s unethical and improper under REBN[……]

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