Hannity portfolio draws attention to rampant LLC use

The revelation that Sean Hannity quietly amassed a significant real estate portfolio has drawn attention to the vehicle that’s become a fixture in such transactions: limited liability companies. Hannity used multiple LLCs to purchase at least 877 residential units across Alabama, Florida, Georgia, New York, North Carolina, Texas and Vermont. He’s not alone: In the[…]

Commerzbank arm snagging NYU Langone building for $330M

Columbia Property Trust has found a buyer for its nearly 400,000-square-foot Midtown building entirely leased to NYU Langone Medical Center. Commerz Real, the asset-management subsidiary of Germany-based Commerzbank, is set to acquire the 25-story property at 222 East 41st Street for about $330 million, or $850 per square foot, sources told The Real Deal. Prior[…]

Manhattan’s luxury market saw 25 contracts last week at $4M and up: Olshan

Manhattan’s luxury market recorded 25 contracts last week at $4 million and above, according to Olshan Realty’s weekly market report. Canadian billionaire Lawrence Stroll’s 85th-floor condominium at 157 West 57th Street claimed the week’s priciest deal. The 6,240-square-foot unit went into contract with an asking price of $59 million, a reduction of more than 15[…]

Feil Org. sues architect over bungled Billionaires’ Row conversion

The Feil Organization is suing its architects over a botched plan to convert a Billionaires’ Row office building into condominiums. The landlord claims architects at Goldstein, Hill & West missed zoning restrictions that limited the scope of the planned conversion of 140 West 57th Street, the New York Post reported. Feil bought the 14-story, 80,000-square-foot[…]