Walter Kissinger Lawsuit

Kissinger mansion wrecked by house sitters: Lawsuit Walter Kissinger is countersuing a couple he says trashed his Long Island home

Henry Kissinger (photo credit: David Shankbone) and Huntington Bay

Walter Kissinger, older brother of Henry Kissinger, President Nixon’s controversial secretary of state, has filed a lawsuit against a couple he says trashed his Long Island mansion.

Kissinger is being sued by Kevin and Elizabeth Cogan for $3 million in unpaid wages and damages incurred during their stay at his five-bedroom Huntington Bay mansion. But Kissinger has now filed a countersuit claiming that the couple wrecked the house, slept in his bed when he was away and even, as the New York Post puts it, “intentionally befouled the million-dollar home in a way too unseemly to print in a family newspaper.” Sure.

The Cogans began workin爱上海 爱上海同城手机版g for Kissinger in 2007, when he offered them上海同城对对碰交友社区 上海夜网论坛 a deal to stay rent-free in a guest cottage in return for keeping up the property. Kissinger’s lawyers call the Cogan’s lawsuit for back pay, overtime and damages an attempt to exploit their aging former employer because of personal financial troubles.

Kissinger claims that the Cogans destroyed his property s value and he is seeking damages in the countersuit. He claims that when he tr上海同城对对碰交友社区 上海夜网论坛ied to sell the property in 2011, the Cogans refused to爱上海同城对对碰 爱上海同城论坛 let potential buyers into the guesthouse in order to hide the damage.

The Cogans did not respond to request for comment from the Post. [NYP] –Christopher Cameron

Tags: Real Estate Lawsuit上海龙凤论坛 新上海贵族宝贝论坛s
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Millennium Tower Leaning

Source: The Los Angeles Times

Before it garnered additional fame for sinking and tilting at an alarmingly fast rate, San Francisco s Millennium Tower was renowned for its A-list residents, incredible luxury properties, and sky-high prices. According to the San Francisco Chronicle, the building has sunk 16 inches into the ground and tilted two inches to the northwest since its completion in 2008.

But even with the current scandal that s enveloping the building and caus上海夜网论坛 上海夜网ing serious concern among city officials and homeowners alike, the tower remains iconic.

Here s an inside look into some of the notable names that have called the formidable 58-floor skyscraper home, as well as the stunning properties that have given the place its standout reputation.

Completed in 2008, the Millennium Tower features top-notch amenities like a fitness center, wine cellar and tasting room, terraces, pool, a children s playroom, a movie theater, and a four-star restaurant under the direction of top chef Michael Mina.Entry-level prices for properties hover around $1.6 million, though the more exc爱上海同城论坛 爱上海同城lusive properties have sold for upwards of $10 million.

It s no surprise that the building has been home to a slew of high-profile residents ov上海龙凤论坛sh1f 上海龙凤论坛er the years. Legendary 49ers quarterback Joe Montan新上海贵族宝贝论坛 上海贵族宝贝交流区a used to own a condo in the building, until he sold it to San Francisco Giants outfielder Hunter Pence for $1.65 million in 2014.

Source: Realtor.com, Los Angeles Times

In 2015, Pence dished out $4.25 million for another luxury unit in the building. Covering more than 2,200 square feet on the 51st floor, the property has two bedrooms, three bathrooms, and floor-to-ceiling windows with exquisite views of the Bay Bridge.

Source: The Los Angeles Times

The late venture capitalist Tom Perkins owned one of the building s penthouses — a 5,500-square-foot property with a variety of unconventional elements. Among them were a 7.5-foot-tall stainless-steel sculpture of a minotaur, a custom-made harpsichord with intricate paintings inside, and a bar formed from a slab of optical glass.

Source: The Wall Street Journal

Football executive Carmen Policy, whose time with the San Francisco 49ers helped them to four Super Bowl victories, is also listed as a resident.

Source: The Huffington Post

And finally, this insane $9.45 million penthouse — the most expensive two-bedroom in San Francisco when it was on the market in 2015. Among its perks are huge chandeliers, floor-to-ceiling windows with luxurious drapes, and a white marble bathroom with an ornate pewter tub. I上海贵族宝贝交流区 上海贵族宝贝论坛t was delisted in September 2015.

Source: Curbed San Francisco

Tags: San Francisco
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FBI headquarters

Trump friends Roth, Silverstein bid on $2B FBI headquarters Moves raise questions over president-elect’s ties to developers

From left: Larry Silverstein, FBI Headquarters in Washington, D.C. (credit FBI) and Steve Roth

Vornado Realty Trust and Silverstein Properties are bidding to deve爱上海同城论坛 爱上海同城lop the Federal Bureau of Investigation’s new $2-billion headquarters outside Washington, D.C, but the上海千花网交友 上海千花网论坛ir personal ties to President-elect Donald Trump could complicate matters.

Vornado’s CEO Steve Roth owns the majority stake in Midtown office tower 1290 Sixth Avenue, which Trump owns a non-controlling stake in. The business moguls are reportedly friends, and Roth has also struck business deals with Trump s son-in-law and consigliere Jared Kushner. Roth also served on Trump’s economic advisory team, although he later distanced himself from it.

Vornado’s share price rose after Trump’s election victory, as did the stocks of many other real estate investment trusts.

The Real Deal recently broke down the risks of crony capitalism and po上海夜网论坛 上海夜网tential conflicts of interest under a Trump administration.

Meanwhile, Trump, who, as commander-in-chief will effectively oversee the FBI starting Jan. 20, has also referred to Larry Silverstein as a friend, the Washington Post reports.

Whoever wins the bidding would not only get around $1 billion in federal fun阿爱上海同城 阿拉爱上海同城ds to develop the project, but would also win control over the FBI’s current headquarters in central Washington, D.C. Trump reportedly thought about bidding f上海千花社区 上海千花网交友or the project himself, before running for President. [WaPo] Konrad Putzier 

Tags: Donald Trump, fbi, silverstein properties, Vornado Realty Trust
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303 East 44th Street

Rent-controlled tenant holding up Triangle Assets ODA-designed tower One resident has refused to leave

Rendering of 303-305 East 44th Street (Credit ODA New York) and 新上海贵族宝贝论坛 上海贵族宝贝交流区the two existing buildings

One rent-controlled tenant stands between Triangle Assets and the unorthodox condo tower it plans to build at 303-305 East 44th Street.

The tenant has refused to leave the existing four-story apartment building at 305 East 44th Street, which needs to be demolished before Triangle 上海龙凤论坛sh1f 上海龙凤论坛can move forward with its proposed 41-story tower. The developer has already bought out the building s 15 other tenants but hasn t yet been able to cut a deal with this tenant.

The project has drawn a lot of attention, due in large part to its design. The latest renderings for the ODA New York-designed tower show 11 full-floor outdoor gardens that make the building appear as if it s being pulled apart. The gardens create 16-foot gaps between the floors, which are supported by smooth concrete columns — a look that the architect once likened to chewing gum or glue.

In January 2015, the developer filed an application with the New York State Division of Housing and Community Renewal seeking approval to evict the tenant. Last year, Triangle s attorney, Adam Leitman Bailey, wrote a letter to the Department of Buildings, stating that despite attempts to reasonably work out a relocation of the tenant, she demanded millions of dollars in exchange for leaving her apartment. On Wednesday, Leitman wouldn t specify where negotiations stood but said that the state has expedited his client s application. Typically, the process can take years to complete.

The tenant either will need to take a buyout or wait for the state s decision. If the state ultimately sides with the developer, the tenant will receive a small stipend —阿拉爱上海同城 爱上海龙凤419桑拿 $143,000 — and be forced to leave the building. However, the tenant has the option to appeal the decision in State Supreme Court.

It s a long, drawn-out process, said Alan Go上海夜网 阿爱上海同城ldberg, an attorney with Goldberg, Scudieri Lindenberg, who is not involved in this case. It s in everyone s best interest to come to a settlement.

As of January 2015, two tenants — Aimee Miranda and Grace Polk — remained in the building. A number listed for Miranda at the building was disconnected while Polk didn t return messages seeking comment. No one answered the door at the third-story apartments listed for Miranda and Polk on Thursday.

Developers can de-regulate apartments by showing the state that they intend to demolish the existing building, have DOB-approved plans and have the resources to construct a new building. Demolition eviction can also be used to remove rent-stabilized tenants if a buyout agreement can t be reached. It s a strategy that may prove increasingly appealing to landlords as state and city officials push for stricter tenant harassment laws.

It can sometimes pay off to hold out and be the last tenant standing in a building that the owner wants to demoli[……]

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70 Vestry

Related says 70 Vestry penthouse will set Downtown record The developer won’t give the exact price, but said the sale will set a Downtown record

70 Vestry Street

Related Companies entered contract to sell its penthouse at 70 Vestry asking $65 million, in a deal the company said will set a sales record for downtown Manhattan.

Both of the penthous新爱上海同城对对碰论坛 上海同城对对碰交友社区es at the building now have contracts out, with a mystery buyer scooping up the $50 million triplex there in January.

The $65 million, five-bedroom apartment will span 7,800 square feet across the top two floors of the building, the Wall Street Journal reported. It features a 2,000-square-foot roof deck, and including terraces, the apartment’s outdoor space totals 3,700 square feet, according to the Journal.

Related would not say the exact price of the unit, but claims the sale will set a new record for Downtown Manhattan sales. The $50.9 million sale of the penthouse at the JDS Development Group and Property Markets Group-developed Walker Tower holds the current record for the area. More than 80 percent of the 46 units at 70 Vestry have now b上海千花网龙凤论坛 上海千花社区een sold, Related’s Benjamin Joseph told the newspaper.

Last year, NFL star Tom Brady and his supermodel wife Gisele Bundchen reportedly signed a contract for an apartment in th爱上海同城手机版 新爱上海同城对对碰论坛e building asking more than $20 million.

Designed by Robert A.M. Stern, 70 Vestry is clad in French limestone and features y上海夜网论坛 上海夜网oga facilities, a pool, gym and squash court.

In Manhattan’s luxury market last quarter, inventory dropped by 11上海千花网交友 上海千花网论坛 percent, with resale inventory in that sector falling by nearly 23 percent, according to the quarterly report from Douglas Elliman.  [WSJ] Miriam Hall

Tags: 70 vestry, Related Companies, Residential Real Estate
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377 Union Street

Corcoran Group in talks t上海贵族宝贝论坛 上海贵族宝贝o bring Manafort townhouse to market Property is subject to forfeiture if former Trump campaign manager is convicted

From left: Brad Zackson, Paul Manafort, 377 Union Street and Pam Liebman (Credit: Getty Images, Google Maps and Larry Ford)

The Corcoran Group has a contract to sell the Carroll Gardens townhouse owned by 上海夜网论坛 上海夜网indicted former President Trump campaign manager Paul Manafort, sources told The Real Deal.

The property was cited in the Monday indictment, in which special counsel Robert Mueller alleged that Manafort bought the townhouse as part of a larger money laundering and tax evasion scheme.

If Manafort is convicted, the property is subject to forfeiture to the federal government.

Two brokers in talks to list the home, Cheryl Nielsen-Saaf and Cara Sadownick, as well as a spokesperson for Corcoran, did not respond to requests for comment. The agents began looking for comps on the townhouse at 377 Union Street in June, according to documents obtained by TRD.

In 2012, Manafort paid $3 million for the townhouse. Since that time, renovation work to convert the three-apartment, 4,400-square-foot brownstone into a single family home has been slow and irregular.

Brad Zackson, an associate of Manafort爱上海 爱上海WIFI’s who previously partnered with him in an unsuccessful bid to redevelop the site of the Drake Hotel, is handling sale arrangements on Manafort’s behalf. Zackson told TRD that the property could list for as much as $9 million, but also said that he and Corcoran had no上海千花网 爱上海同城对对碰t yet finalized pricing.

Nielsen-Saaf and Sadownick are two of the most active brokers in Brownstone Brooklyn, with over 40 closed sales over $2 million. Their largest active listing is a carriage house at 20 Verdanah Place in Cobble Hill that s on the market for $4.4 million.

The most expensive listing in Carroll Gardens is a renovated, 5,400-square-foot townhouse at 181 President Street. It s on the market for $9.95 million.

Manafort’s construction loan agreement for 377 Union indicates that the post-renovation value of the home is expected to be at least $8 million, according to the indictment papers. The Daily Beast reported on Monday that Manafort has recently sped up renovation work, in what may hav爱上海 爱上海同城手机版e been a last ditch attempt to spend real money on construction, as dictated by the terms of the loan, which was issued by Federal Savings Bank.

An asset forfeiture attorney told TRD that the indictment makes a potential sale of 377 Union inadvisable until the litigation is resolved. In the meantime, prosecutors could move to deter a sale, such as by filing a lis pendens on the property.

A spokesperson for Mueller’s office declined to comment on whether it would block a sale of Manafort’s brownstone.

Tags: Corcoran Group, Paul Manafort, Politics, Residential Real Estate
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San Francisco Homes

Where Silicon Valley s reclusive billionaires like to hide 爱上海 爱上海同城手机版out Tech billionaires who 新爱上海同城对对碰论坛 上海同城对对碰交友社区need to live close to Silicon Valley but want a simpler, yet lavish life, head to this neighborhood

Los Altos Hills. (Credit from back: Coolcaesar, Pexels)

Low-key tech billionaires like to hide away in Los Altos Hills, about 40 miles south of San Francisco s airport, for the qua爱上海同城论坛 爱上海同城lity of homes available and the relaxed, residential-only surroundings, according to the Financial Times.

“Buyers who come to Los Altos Hills want a trophy property, but they also want a level of anonymity that you don’t always get in other areas of Silicon Valley,” broker Gary Campi of Golden Gate Sotheby’s International Realty told the Times.

Since 2012, the area was booming for sales until last year, however the number of houses sold at more for than $3 million rose by 68 percent compared to 2016, according to analysis by CoreLogic. The median pric上海同城对对碰交友社区 上海夜网论坛e is $3.2 million.

Brokers told the Times homes priced between $3 and $10 million tend to sell quickly, while 上海千花网龙凤论坛 上海千花社区higher priced homes can sit on the market for months. [FT] Erin Hudson

Tags: Most expensive real estate cities, Residential Real Estate, San Francisco
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The private equity paradox

A bottleneck is brewing as funds that are flush with cash 爱上海同城 爱上海can’t find real estate deals with the returns they need

(Illustration by André Da Loba)

There’s an eyebrow-raising issue playing out in the private equity world right now. While funds have pulled back on the amount of money they’re pouring into real estate deals, they’re also looking to raise more money than ever for new deals. 

And those fundraising efforts come on top of a record amount of dry powder already sitting on the sidelines. Private equity research firm Preqin pegged that dry- powder figure at a record $278 billion at the end of June.

Meanwhile, the opportunistic deals that many funds are searching for are still rare, property valuations are high, competition is stiff and interest rates are rising.

“All this capital’s been raised, and now it’s potentially a sort of tricky time to put it to work,” said Tom Carr, head of Preqin’s real estate group.

And the numbers are starting to reflect that skittishness.

Real estate deal volume among private equity firms declined in 2018’s first two quarters following a peak at the end of 2017, according to Preqin. That marks the first time since at least the beginning of 2010 that the number of transactions fell for two consecutive quarters.

Nonetheless, funds are aggressively hunting for even more cash.

In July, there were 624 investment vehicles looking to raise a record $206 billion.

And since funds have been so active in selling assets over the past several quarters, they’ve been redistributing the proceeds from those sales back to investors, Carr said.

That means that those investors, who are still eager to deploy their capital, are in play for other funds.

“You always sort of get the impression that if investors are willing to put money in, then managers will be willing to raise,” said Carr.

However, he added that funds could increasingly branch out to different regions or segments of the market in their quest for stronger returns.

“In certain areas it’s definitely very competitive,” he said.

Rethinking risk

The biggest chunk of private equity money in real estate has long targeted opportunistic, high-risk investments with big payoffs — often for fix-and-flip properties.

In July, opportunity funds held about $108 billion in capital — or 40 percent of all the private equity money earmar阿拉爱上海同城 爱上海龙凤419桑拿ked for real estate. That was the largest percent of the dry-powder pie.

But investors are starting to show signs that they have less of a stomach for those kinds of deals.

That’s partly because those opportunistic investments tend to do better during the earlier, high-growth times of the real estate cycle, experts said. In New York, that time was in the early years of the recovery starting in 2010, and is now a distant memory.

Toward the end of a cycle — which many economists have long predicted the New York market is already in — less-volatile investments with guaranteed revenue streams (such as fully leased office buildings with at-market rents) tend[……]

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Target

Long Island Cheat Sheet: Riverhead town board to vote on one of the largest land sales in LI history more

Clockwise from top left: The Vistas of Port Jefferson gets $52.5M construction loan, Riverhead to vote on $40M sale of 1,643 acres in Calverton, demolition begins on 24 Fire Island homes and Long Island sees rise in construction jobs.

Riverhead to vote on $40M sale of 1,643 acres in Calverton
The Riverhead town board上海贵族宝贝交流区 上海贵族宝贝论坛 will vote Wednesday on whether to approve the $40 million sale of 1,643 acres in Calverton, Long Island Business News reported. About 600 square feet of the parcel is slated to be developed into an industrial park. The buyer is a partnership between Calverton Aviation Technology, Triple Five Worldwide Group and Luminati Aerospace. The property, which was last used by the U.S. Navy and 阿爱上海同城 阿拉爱上海同城and Northrop Grumman, has sewers, rail freight service and two runways. “What we’re putting together is a very robust program geared toward manufacturing that’s going to focus on workforce development training and become a resource center for manufacturing on Long Island,” Triple Five director of business development told the outlet. [LIBN]

Long Island sees a rise in construction jobs
Nassau and Suffolk counties gained about 7,000 construction jobs between September 2017 and September 2018, LIBN reported. The numbers, published by the Associated General Contractors of America, marked an eight percent increase and brought the current total construction jobs up to 89,700. New York City saw a four percent rise in construction jobs while the Orange-Rockland-Westchester area was up five percent. New Jersey saw some of the country s biggest construction job losses. Middlesex lost 4,000, which is a 10 percent drop. Newark lost 3,000 jobs and Camden lost 2,500 jobs. [LIBN]

Port Jefferson senior living project gets $52.5M construction loan
The Benjamin Companies got a $52.5 million loan to build a senior housing facility with 244 units. The loan from Santander Bank was secured by Brian Warwick a爱上海同城 爱上海nd Burt Miller of ABS Altman Warwick, the capital markets division of ABS Partners Real Estate. Construction began in May and leasing should launch in fall 2019 with 15 percent of the units res上海贵族宝贝 上海千花网龙凤论坛erved for affordable housing. The 27-acre site will contain 30 residential buildings including 64 two-bedroom townhomes, 36 one-bedroom apartments with another 144 two-bedroom apartments. There will also be a 7,000-square-foot clubhouse, a fitness center and an outdoor pool complex. [LIBN]

After buyouts and relocations for homeowners, demolition begins on 24 Fire Island homes
Workers have begun razing two dozen homes on Fire Island to fortify the Hurricane Sandy-damaged dunes that could stop the ocean from overtopping the resort island, Newsday reported. Federal taxpayers are paying for the dunes, but Suffolk County had to try to get hundreds of easements, arranging home buyouts as well as relocating pools and decks. The buyout prices were based on current[……]

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NYC New Development

One Manhattan Square, 70 Vestry and 30 Hudson Yards

Developers in New York opened 42 million square feet of new construction buildings last year.

This marked a 36 percent increase compared to 2017, according to PincusCo. The developers Related Companies, Matrix Development Group and Extell Development accounted for almost a quarter of the total with 10.4 million square爱上海同城 爱上海 feet across 16 bu上海同城对对碰交友社区 上海夜网论坛ildings in Manhattan, Queens and Staten Island.

Most of the new construction—about 28 million square feet—was residential. There were 1,954 projects completed overall last year, which added more than 30,000 上海贵族宝贝论坛 上海贵族宝贝new units to the city.

Brooklyn had the most with 9,482 new units, followed by Manhattan with 8,488, Queens with 6,302, the Bronx with 4,781 and Staten Island with 174.

Related devel新上海贵族宝贝论坛 上海贵族宝贝交流区oped the most overall space with about 5.35 million square feet across eight buildings. The largest was 30 Hudson Yards, which spanned more than 3 million square feet. [PincusCo] – Eddie Small

Tags: Development, extell development, matrix development group, Related Companies
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