Former investor in 1500 Broadway says billionaire owner hoodwinked him into selling stake

A former investor in a prominent Times Square retail-and-office tower is suing the building’s owner, alleging he was lied to about the property’s value and his tax liabilities when he sold his stake, losing millions of dollars as a result. Billionaire investor and art collector Chaim “Poju” Zabludowicz has owned 1500 Broadway — a 500,000-square-foot[…]

Jonathan Rose, BedRock close $144M financing package for BK Heights rental

Jonathan Rose Companies and partner BedRock Real Estate Services will go vertical on their 86-unit Brooklyn Heights rental development after locking down $144 million in construction financing and additional equity from a Chinese institutional partner. With the foundation already laid at the partners’ Pierrepont apartment project, vertical construction can now begin after the development team[…]

Starrett City owners in talks to refinance complex

The owners of Starrett City are negotiating with four major banks to refinance the complex, which is the largest federally subsidized residential rental property in the U.S., The Real Deal has learned. The loan for the 46-building, 5,881-unit complex at Brooklyn’s East New York-Canarsie border would replace the existing $531 million Freddie Mac financing originated[…]

Hamptons Cheat Sheet: East Hampton drags its feet on rent laws, winter is the new summer on the South Fork … & more

East Hampton still chewing over affordable rental law The East Hampton Town Board will hold a second public hearing Thursday to consider an updated bill that would allow homeowners to build and rent affordable apartments in their backyards. Initially proposed in September, the measure now stipulates that only lots 40,000 square feet or larger could qualify for[…]

Wildenstein UES mansion now in contract for $81M, could set NYC townhouse record

From Luxury Listings NYC: After scandals and lawsuits aplenty, David Wildenstein, heir to the Wildenstein’s alleged Nazi-art-dealing fortune, is in contract to sell the family’s townhouse at 19 East 64th Street. According to the New York Post, a mysterious Chinese conglomerate is shelling out $81 million on the place. If successful, the sale will set a record for the[…]

Nike just did it at 650 Fifth Avenue

After at least three years of searching for a new space, Nike has inked a 15-year lease for a new store on Fifth Avenue. The retailer plans to open a more than 60,000-square-foot store at 650 Fifth Avenue, the Commercial Observer reported. SL Green Realty and Jeff Sutton’s Wharton Properties own the long-term leasehold for[…]