Pershing Square Capital

CWCapital presses to dismiss Bill Ackman’s “offensive” Stuy Town lawsuit Defendant also files motion to “impose sanctions” on Pershing Square, Winthrop

The lega上海千花网龙凤论坛 上海千花社区l spat between Bill Ackman’s hedge fund Pershing Square Capital Management and special servicer CWCapital over the $5.3 billion sale of Stuyvesant Town-Peter Cooper Village is going into the next round.

In a letter supporting its motion to dismiss Pershing Square and Winthrop Realty Trust’s $500 million lawsuit, CWCapital’s attorneys called the suit “offensive,” “entirely out of bounds” and “gl上海千花网龙凤论坛 上海千花社区aring with legal deficiencies.” CWCapital also filed a motion on Thursday to recover its legal costs and “impose sanctions” on the plaintiffs and their attorney, Stephen Meister of Meister, Seelig and Fein.

Meister, in turn, dismissed the accusations.   (CWCapital s attorney) Greg Cross admits every single allegation of my complaint and I believe not only is his motion entirely frivolous but I believe we will prevail, he told The Real Deal.

In their suit, Pershing and Winthrop Realty Trust claimed they got bilked out of a fat profit when the special servicer foreclosed on Stuyvesant Town-Peter Cooper Village and then sold it for $5.3 billion.  Back in 2010, the plaintiffs bought a portion of Stuy Town’s defaulted mezzanine debt, with the intention of foreclosing on the property. CWCapital, which controlled Stuy Town through its role as special servicer of its debtors, got the courts to block a foreclosure. Pershing and Winthrop eventually sold their share of the mezzanine debt to CWC in October 2010.

In December 2015, CWCapital sold Stuy Town to the Blackstone Group a爱上海龙凤419桑拿 上海龙凤论坛sh1fnd Ivanhoe Cambridge for $5.3 billion. Pershing and Ackman subsequently sued CWC, claiming that the sale was only possible because CWCapital did exactly what it blocked them from doing in 2010: effectively foreclosing on the property.

In their reply to the complaint, CWCapital’s attorneys argue the suit is baseless 上海同城对对碰交友社区 上海夜网论坛because the plaintiffs gave up all potential cla上海贵族宝贝交流区 上海贵族宝贝论坛ims against CWC when they sold their share of the mezzanine debt in 2010. The court “can and should dismiss this case merely by holding PSW [Pershing Square and Winthrop] to the unequivocal and lucrative bargain that it made six years ago,” the letter reads.

The plaintiffs, in turn, argue that by foreclosing on the property s mezzanine debt CWCapital violated an intercreditor agreement it explicitly pledged to abide by under its deal with Pershing and Winthrop.

The sale of Stuy Town, the biggest trade in New York City since the property last changed hands in 2006, has involved lots of legal drama. As the closing of the deal approached, SL Green Realty threatened to file a lawsuit that would block or delay the sale. The deal, valued at over $5.3 billion, ended up going through as planned, but not before CWCapital reportedly paid SL Green $10 million to walk away.

Tags: bill ackman, CWCapital, stuyvesant town
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REBNY Residential Awards

How a missing 84-year-old woman got Compass its first win at the REBNY residential awards Karen DeMeco took home the gold in the “Deal of the Year” category

Winners of REBNY s 28th Annual Residential Deal of the Year Awards for 2015-2016 with their managers and REBNY leadership. (Credit: Richard Lewin)

Compass agent Karen DeMeco posted the company s first REBNY residential awards gala win Wednesday night for a deal that saw her chasing a missing title document and then a mysteriously disappearing elderly client.

DeMeco asked around with the 84-year-old client s doorman before calling local hospitals and eventually the New York City Police Department. The client was eventually found in a rehab facility with a broken hip but still managed to complete the transaction.

The deal won first prize in the Deal of the Year category. A beaming Robert Reffkin , Compass CEO, posted for photos with DeMeco following the event.

Some of the city s top residential brokers came out in force for the gala at Pier 60, sipping cocktails, trading industry gossip and listening to Gloria Gaynor belt out, I Will Survive.

Warburg Realty s Fred Peters worked the room in a Miami Vice -style white suit, while Scott Durkin accepted congratulations from colleagues on his appointment as COO of Douglas Elliman. Former Elliman top producer Toni Haber fielded questions on her recent jump to venture capital-backed brokerage Compass.

Winners of REBNY’s 28th Annual Residential Deal of the Year Awards fo上海千花网论坛 上海千花网r 2015-2016

Elliman office manager Yuval Greenblatt spoke of the strength of the penthouse market downtown, citing recent sales at 56 Leonard and 215 Chrystie Street.

At one point, a crowd protesting gentrification disrupted cocktail hour by s阿爱上海同城 阿拉爱上海同城torming in with placards and chanting, REBNY, you can t run, you can t hide, we can see your greedy side. (It s also新爱上海同城对对碰论坛 上海同城对对碰交友社区 the same phrase protesters directed at Sam Zell last month.) The protesters were quickly ushered out of the facility by Chelsea Piers security.

Runners up for the Deal of the Year included Peter Michael Riolo and co-brokers Timothy Simmons and Scott Moor上海千花社区 上海千花网交友e, of Brown Harris Stevens, who took second prize; and Neoly Lika Williams of Town Residential, who came in thi上海龙凤论坛sh1f 上海龙凤论坛rd. Reba Miller of RP Miller Realty Group and Emel Glicksman of Fox Residential Group took home the award for rentals.

Mirza Avdovic of Keller Williams NYC was awarded the Rookie of the Year title, while Ruth McCoy of Brown Harris Stevens got the Henry Forster Award for Lifetime Achievement. Bond New York s Douglas Wagner was presented with the  Eileen Spinola Award for Distinguished Service.

Tags: compass, REBNY, Robert Reffkin
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Zinedine Zidane

Soccer superstars dodge red card in Soho development play gone wrong Judge dismisses 上海龙凤论坛 新上海贵族宝贝论坛developer’s claims against Zidane, Vieri, Maldini and Shevchenko at 219 Hudson

From left: Zinedine Zidane, Christian Vieri, Andriy Shevchenko, Paolo Maldini and 219 Hudson Street

Maldini boots it up to Zidane Zidane with the silky flick over to Shevchenko Shevchenko with the cross to Vieri .

It s a call that no soccer commentator ever got to make. But four European footballing legends who teamed up to tackle the Manhattan real estate market have survived their first nasty off-pitch battle: a lawsuit springing out of a rocky development deal.

Zinedine Zidane, Christian Vieri, Paolo Maldini and Andriy Shevchenko, along with their development partner Rafi Gilby, were sued last year by a former partner, Avihu Gerafi. Gerafi alleged that Zidane and the other defendants were supposed to contribute $12 million into their joint development venture at 219 Hudson Street, as a condition for Gerafi transferring ownership of the land to their LLC, Hudson Square Hotel LLC.

Through LLCs, Zidane, Shevchenko, Vieri and Maldini had each acquired 10-per上海千花网龙凤论坛 上海千花社区cent stakes in the venture to build a 50 or 60-key hotel in Tribeca, their first Manhattan real estate project.

The partners never developed the hotel, however, in part because the plans became more expensive than th爱上海 爱上海同城手机版ey originally planned for, according to the suit, and they eventually gave up and sold the site to Brooklyn developer Joel Braver in 2015 for $13.2 million.

But Gerafi later brought a suit claiming that he had been faked out by his famous partners in the deal.

On Monday, New York State Supreme Court Judge Anil Singh gave Gerafi a stern booking, dismissing claims against the footballers and other defendants because his allegations were “completely belied by documentary evidence.”

According to the court, Gerafi was just diving: there was nothing to substantiate Gerafi s claim—in the partnership contract or elsewhere—that the partners were collectively required to contribute $12 million in capital contributions as a condition of Gerafi s land transfer.

When reached阿拉爱上海同城 爱上海龙凤419桑拿 by phone, Gerafi said that he was not aware that any decisions in the case had been made. He had no further comment on the matter, but has the right to appeal the decision.

“In dismissing this suit against our clients, it is clear that the accusations against them were merely a shameless ploy to tarnish their reputations in a transparent attempt to renege and re-trade on an already consummated real estate transaction, Darren Oved and Edward Wipper of Oved Oved, lawyers for the defendants, said in a statement.

Adam Felsenstein, an attorney for Gerafi, declined to comment on t上海龙凤论坛 新上海贵族宝贝论坛he case.

As part of its decision, the court ordered Gerafi to pay costs and disbursements to the defendants. Additional claims against individual LLCs belonging to the soccer players and Gibly would have to be handled in arbitration, according to the order.

The players LL[……]

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Lynne Patton

Eric Trump Foundation probe casts shadow over HUD Carson adviser Lynne Patton had key role at charity

Lynne Patton (top right), Eric Trump and other members of the Eric Trump Foundation (Credit: Defending the USA)

The New York State Attorney General’s investigation into possible misuse of funds at the Eric Trump Foundation is casting a shadow over the Department of Housing and Urban Development, where a former foundation vice president now works as a key adviser to Secretary Ben Carson.

Before joining HUD in March, Lynne Patton was a vice president and board member at the Eric Trump Foundation between January 2009 and January 2017, according to her public financial disclosure report.

Forbes last week reported that the foundation funneled around $1.2 million in charity money into Trump businesses, in part through golf course bills that appear wildly inflated.

According to Forbes, the foundation began paying the Trump Organization higher fees to use its golf course in 2011 at the urging of President Trump. He said, I don t care if it s my son or not everybody gets billed,’ one former employee told the magazine.

On Friday, a spokesperson for attorney general Eric Schneiderman told Forbes he is “looking into the issues raised by this report.” Schneiderman s office has also led investigations into the Trump Organization and Trump s charitable organization, the Donald J. Trump Foundation.

As a board member, Patton would have had oversight over the Eric Trump Foundation s finances. A March profile of Patton in the Daily Mail 上海千花网龙凤论坛 上海千花社区claimed she “oversaw millions of dollars” for the foundation and Patton herself has said that she had “an executive position as it pertains to the distribution of (the Trumps’) charitable funds.”

A HUD spokesperson declined to comment on whether Patton’s connection to the AG investigation caused any concern. A spokesperson for Schneiderman s office did not respond when asked if Patton is a person of interest in the probe.

Lynne Patton and Lara Yunaska

Patton released her own statement via Twitter on Monday night, slamming what she called “irresponsible claims” by Forbes. “If we are guilty of anything, it is of trying to save too much money for the children of St. Jude inasmuch that we made the conscious decision to operate an extremely detail intensive non-profit for nearly 10 years without a single paid employee while relying heavily on donated professional services,” she wrote. “But if this is our greatest error, then I have no regrets and will own it for the rest of my life.”

“Eric Trump remains and will always be one of the most compassionate, caring philanthropic human beings I ve ever known,” she added. “May God forgive those trying to infer otherwise.”

Patton appears to hold a key position at HUD. According to New York City Housing Authority上海贵族宝贝交流区 上海贵族宝贝论坛 chair Shola Olatoye, Patton was the first high-ranking agency official to tour New York public housing facilities during a visit several weeks ago (Carson has yet to visit the B[……]

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Toll Brothers tears down an office to build apartments on Harrison’s Platinum Mile

Toll Brothers tears down an office to build apartments on Harrison’s Platinum Mile
This demolition of a three-story office building on Corporate Park Drive began this week, making way for a 421-uni上海龙凤论坛 新上海贵族宝贝论坛t apartment complex to be built by the Toll Brothers and its partner Normandy Real E上海千花社区 上海千花网交友state Partners. The five-story luxury rental community named Carraway will be the first residential project o上海夜网论坛 上海夜网n Harrison’s Platinum Mile — an area previously dominated by — you guessed it! — corporate headquarters. Harrison has been searching for new uses for its excess stock of office buildings as corporations have moved away. “It’s a slow process, but we’re moving,” Harrison Mayor Ron Belmont 上海贵族宝贝交流区 上海贵族宝贝论坛told the Westchester Business Journal. “We’re taking the local rather than the express.” The building is expected to welcome its first tenants in 2019. [WBJ]
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Ryan Serhant

WATCH: Ryan Serhant on aspirational pricing and why Australia does real estate better Nest Seekers broker talks about why $88M 上海贵族宝贝交流区 上海贵族宝贝论坛15 CPW sale led to more上海千花网龙凤论坛 上海千花社区 astronomical price tags

Blame the $88 million sale of Sanford Weill s penthouse at 15 Central Park West as the listing that led to astronomical pricing, according to Nest Seekers International broker Ryan Serhant.

I think there was a 24-month ripple effect after Kyle Blackmon sold the penthouse at 15 CPW where everyone said, It s New York City, anything is possible,’ said the Million Dollar Listing New York s上海千花网论坛 上海千花网tar during a recent interview with The Real Deal s Hiten Samtani.

That included the seller of an $118.5 million apartment at the Ritz Carlton at Battery Park City a listing Serhant eventually lost when it was re-listed as a two-unit combination for $75 million.

I listed it, I did everything we could to sell it we did drone videos, we did everything possible and we couldn t sell it, Serhant said. We re not going to sell every listing, but we ll sell everything we possibly can.

To see Serhant talk more about being brutally hones上海千花网龙凤论坛 上海千花社区t with sellers, why selling Australian real estate is the greatest thing in the world and more, watch the video above. See the full interview here.

Produced by Jhila Farzaneh and Kerry Barger. Interview conducted by Hiten Samtani.

Tags: Million Dollar Listing, Nest Seekers International, Residential Real Estate, ryan serhant, The Real Deal Studio, Videos
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Megan Ellison

Producer Megan Ellison sells last of her Mt. Olympus homes for loss Hollywood producer sold to Teddi Jo Mellencamp of the “Real Housewives of Beverly Hills”

Mount Olympus neighborhood and Megan Ellison (Credit: Google Maps)

So much for a happy ending.

Annapurna Pictures founder Megan Ellison sold the last of her Mount Olympus homes for $4 million — $1.18 million less than what she paid for it in 2015.

The buyer of the 4,309-square-foot property was Teddi Jo Mellencamp, daughter of musician John Mellencamp and the newest cast member of the “Real Housewives of Beverly Hills,” according to Variety. The sleek, wood-paneled, five-bedroom home offers commanding views across the city to the Pacific Ocean.

Mellencamp is no stranger to the neighborhood. Her ne爱上海 爱上海同城手机版w pad is not far from a 2,918-square-foot home she and husband Edwin Arroyave bought in 2011 and currently have on the market for $3.2 million.

The trade marks the la上海千花网论坛 上海千花网st of the properties Ellison owned and sold in Mount Olympus since 2013. The producer and real estate investor sold her 8.2-acre mountaintop estate there for $35.7 million in 2017, after combin上海龙凤论坛sh1f 上海龙凤论坛ing two parcels for $30 million in 2013.

In late December 2016, she paid $15.5 million in an off-market deal with Oscar-winning cinematographer J上海夜网论坛 上海夜网anusz Kaminski for a 1.12-acre compou上海千花网龙凤论坛 上海千花社区nd outside Mount Olympus near the Beverly Hills Hotel. The compound includes a 5,000-square-foot Spanish hacienda-style main home, a smaller guest house, and a semi-subterranean structure.  [Variety]— Dennis Lynch

Tags: celebrity homes, Celebrity Real Estate, Megan Ellison, Re
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Commercial Rent Tax NYC

On the heels of NYC’s commercial rent tax reform and new proposals for rent control, industry players propose their solutions for a struggling market

New York City retail has seen better days, and lately there’s a lot of talk about what can be done to help it. The City Council approved a bill in late 2017 to exempt some 2,000 businesses below 96th Street in Manhattan from the commercial rent tax, which forced them to pay a 3.9 percent surcharge on base rents above $250,000. The measure is expected to save those businesses at least $10,000 a year, an amount lawmakers hope will aid independent storeowners struggling to pay high rents. Corey Johnson, who the Council voted in as its new speaker in January, was one of six out of eight candidates who said they support some form of commercial rent control — a far more controversial proposal for the real estate industry. Johnson, who represents a large chunk of Manhattan’s West Side from the West Village to Central Park, said during a Crain’s forum in November that “we’ve seen enough Duane Reades” and that the city needs more mom-and-pop retailers. He d新爱上海同城对对碰论坛 上海同城对对碰交友社区erided the fact that at the end of a lease, a landlord can “jack up rent three, four, five times what it was, and [then] the property sits vacant for a long time.” (Johnson declined to participate in this Q A due to a scheduling conflict.)

Commercial rent control has periodically been proposed in the Council since the 1980s, but a bill has never made it to a floor vote. Critics contend that such a law could be unconstitutional and would never survive a legal challenge. But support from neighborhood groups around the city has kept it a perennial topic at City Hall. There has also been talk of penalizing building owners for neglecting to fill their empty retail spaces. That includes a “vacancy tax” that would hit landlords who let their stores sit vacant for years — an initiative Manhattan Borough President Gale Brewer has voiced support for. While most New York real estate players agree that the city’s retail market is in need of a fix, opinions greatly differ when it comes to potential solutions. The Real Deal spoke to three industry insiders about the latest policies and proposals and what they think would best address the city’s retail woes.

Abraham Kassin

Abraham Kassin
Co-founder and CEO, Kassin Sabbagh Realty

What percentage of your tenants are mom-and-pop stores? I would say 60 to 70 爱上海同城论坛 爱上海同城percent. They’re really the bread and butter of New York City real estate, and we could see a lot of mom-and-pops re-entering the market and reversing the trend of a decade or so ago, when all these national retailers were taking over.

Do you think the changes to the commercial rent tax will encourage more independent stores to rent? While the savings are not significant enough, they can help offset some of the retailers’ growing expenses. And hopefully they can tip the scales by some measure for tenants on the fence about staying in their spaces — thereby[……]

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Metropolis LA

Lawsuit alleging EB-5 scam at Metropolis has been dropped A fundraising entity had claimed the lawye爱上海同城 爱上海r attempted to take over stewardship of the program

Metr爱上海 爱上海同城手机版opolis project in Downtown Los Angeles (Credit: Metropolis LA)

A federal lawsuit filed against a Los Angeles attorney accusing him of running an EB-5 scam at the Metropolis megaproject has been dropped.

LA Metropolis Condo I, a fundraising entity involved in Greenland USA’s mixed-use project in Downtown Los Angeles, dropped the suit against the lawyer, James Krug, and his one-person firm.

LA Metropolis Condo I filed the suit last month, and court records show it was dismissed by the plaintiff April 3.

The suit had alleged that Krug and his firm convinced EB-5 investors and financial services firm A J Capital that he had taken over management of the invest爱上海同城 爱上海or-visa program at the condo development. In a letter sent to A J Capital on March 14, Krug s firm allegedy claimed A J Capital had been “terminated” from the project as a result of an alleged membership vote. The letter also ordered A J Capital to halt its operations on the project, according to the lawsuit.

Alhambra-based A J Capital, however, had not been terminated and is still managing the federal EB-5 program, the plaintiff claimed.

Greenland USA, which was not a party to the lawsuit, declined to comment. Krug also declined to comment. The law firm representing the plaintiff, Holland Knight, did not respond to requests for comment.

Greenland USA, the U.S. arm of the China-based Greenland Group, is developing the 3.5 million-square-foot project, which includes three massive condomi爱上海同城 爱上海nium towers, 70,000 square feet of retail and a 350-key hotel. Its 38-story luxury Tower 1 was completed in April as part of “Phase 1.” One of the condo towers and the hotel component of the project hit the market earlier this year.

Under the EB-5 program, foreign investors pour money into job-creating U.S. projects in exchange for a green card. In recent years, it has become one of the most popular fundraising methods for U.S. developers, who have raised billions through it. The program was recently extended through September.

LA Metropolis Condo I was created for the purpose of raising immigrant capital — $100 million — for the development of that project’s Phase 1, according to the lawsuit.

The capital would then be allocated to an entity named Greenland LA Metropolis Development I, LLC.

Tags: EB-5, lawsuits, Metrop新上海贵族宝贝论坛 上海贵族宝贝交流区olis
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Bjarke Ingels

Bjarke Ingels tapped to work on Aby Rosen s Gowanus site Starchitect is drafting plans for resi project

From left: Bjarke Ingels, the site at 175-225 Third Street in Brooklyn, and Aby Rosen (Credit: Getty Images and Google Maps)

Bjarke Ingels firm is working on a design for an apartment project in Gow新爱上海同城对对碰论坛 上海同城对对碰交友社区anus, its first residential gig in Brooklyn.

RFR Realty s Aby Rosen has hired the Bjarke Ingels Group to draft plans for 175-225 Third Street, which the develop爱上海龙凤419桑拿 上海龙凤论坛sh1fer purchased earlier this year for $115 million. Details on the apa上海贵族宝贝论坛 上海贵族宝贝rtment project are sparse, but the developer can currently build 140,000 square feet of commercial space on the site, Crain s reported. The city, however, has released an initial framework for upzoning the neighborhood, which would allow for more residential construction through the city s mandatory inclusionary housing program.

For the past decade or so, developers have scooped up development sites along the Gowanus Canal in anticipation of the rezoning.

Ingels other ongoing projects in the city include a pair of condo towers for HFZ Capital at 76 Eleventh Av上海千花网龙凤论坛 上海千花社区enue and the commercial tower — dubbed the Spiral — for Tishman Speyer at Hudson Yards. [Crain s] — Kathryn Brenzel 

Tags: Gowanus, Residential Real Estate
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