Monthly Archives: June 2019

Morgans Hotel Group

Securities law firm investigating Morgans-SBE deal Rigrodsky & Long looking into “potential legal claims” against hotel manager’s board

A securities law firm is investigating Sam Nazarian’s planned buyout of Morgans Hotel Group and exploring “potential legal claims” against Morgans’ board of directors.

Rigrodsky Long said Tuesday that it is looking into “possible breaches of fiduciary duties and other violations of law” related to the beleaguered hotel operator’s deal this week to be acquired by Nazarian’s SBE Entertainment Group.

Los Ang上海贵族宝贝 上海千花网龙凤论坛eles-based SBE is paying $2.25 per share in cash for all outstanding shares of Morgans common stock in上海千花网交友 上海千花网论坛 a transaction representing a total enterprise value of roughly $794 million, Morgans announced yesterday.

Nazarian, founder and CEO of SBE, will helm the combined company and acquire all of Morgans’ boutique hotel brands, as well as ownership of Morgans’ Hudson New York hotel in Midtown and Delano South Beach hotel in Miami.

The deal would resolve a long-running search by Morgans for a buyer that would recapitalize the company and provide a new strategic direction, with Morgans plagued in recent years by shareholder infighting that managed to derail previous merger talks with SBE last year.

But Rigrodsky Long which has offices in Wilmington, Del., and Garden City, N.Y., and specializes in securities law and corporate governance litigation – said it is examining whether Morgans board, which is chaired by Vector Group president an[……]

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Theater District Air Rights

City Planning votes to raise cost of Theater District air rights Measure now moves to the City Council

Corey Johnson, Dan Garodnick and the Theater District

Could this be the final act for cheap air rights in the Theater District?

The City Planning Commission voted Wednesday to increase the fee charged on air-rights transfers in the special district that includes Broadway’s theaters, sending the issue to the City Council for a vote.

Developers currently make a payment of $17.60 per s上海千花网龙凤论坛 上海千花社区quare foot to the Theater Subdistrict Fund when they purchase air rights from playhouses between West 40th and West 57th streets from Sixth to Eighth avenues.

These transferable development rights can normally only be moved to adjacent properties, but the city set up the special district that allows them to move more freely in 1998 as a way to help preserve the area’s showbiz industry.

But the Department of City Planning believed the contribution that developers were making to the fund was undervalued, and proposed an increase. The commission greenlit a hike Wednesday of either 20 percent of the actual sales price or 20 percent of $347 per square foot whichever sum is higher.

The commission voted in favor of the measure with near-unanimous approval with the exception of one abstaining member, Politico reported.

These changes to the methodology will align with the original intent of the 1998 text 爱上海同城对对碰 爱上海同城论坛amendment, which established the ability for listed theaters to transfer development right[……]

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Wendy Cai

The East West Bank executive on cross-country commuting, glazed pork shoulder, and lending on all property types

Wendy Cai-Lee (Photo by Larry Ford)

Wendy Cai-Lee is head of consumer and business banking and of the U.S. Eastern and Texas regions at East West Bank. The bank — which was founded in the 1970s to serve California’s growing Chinese-American community — now has a loan portfolio of $24.8 billion, with about $7.7 billion in commercial real estate debt throughout the country. The New York region, which saw 23 percent loan growth in the past year, is the second largest commercial property market for East West after California. In recent years, the bank has expanded its presence in the five boroughs; the Chera family and Joseph Sitt are among its more prominent 爱上海同城对对碰 爱上海同城论坛New York borrowers. Cai-Lee’s job involves frequent travel, and she splits her time between her primary residence in Haworth, New Jersey, and a second home in Pasadena, California, where the bank is headquartered. She was born in Shanghai and moved to northern New Jersey at age 12. Cai-Lee graduated from Rutgers University in 1996 and dropped out of Columbia University’s business school to launch an online startup, which she was later forced to sell to one of her investors. Before joining East West Bank in 2011, she worked at JPMorgan Chase, Citigroup and Deloitte.

6 a.m. I always wake up at this time, whether I’m in Los Angeles or New York. The first thing I do is check my emails. I have a promise to my[……]

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Sumi Properties

Sumi Properties refis Subway Inn development site with $100M Ozarks loan Developer injects equity into project, which it plans to build in the next cycle

A conceptual rendering of 161 East 60th Street (credit: Archilier Architecture)

Sumi Properties Group refinanced its supertall development site at the former location of the Upper East Side’s Subway Inn with a $100 million loan from Bank of the Ozarks.

The Arkansas-based bank has been in the deal since 2015, when it lent about $115 million on the property collateralized against a $200 million loan Mack Real Estate Group provided to Kuafu Properties, which acquired the six-building site at 143-161 East 60th Street between Lexington and Third Avenues from World Wide Group for $300 million. The deal for the site, which offers about 280,000 buildable square feet, penciled out to north of $1,000 per上海夜网论坛 上海夜网 square foot, making it one of the priciest land deals of this cycle.

Sumi Properties founder Zengliang “Denis” Shan took the property with him when he left Kuafu Properties late last year, bringing along chief investment officer Stephen Muller to the new company.

Sumi paid down $100 million in de上海夜网论坛 上海夜网bt with equity, and Ozarks refinanced the property with a新爱上海同城对对碰论坛 上海同城对对碰交友社区 new $100 million loan, property records filed with the city Friday show.

Representatives for Sumi and Bank of the Ozarks could not be immed爱上海同城手机版 新爱上海同城对对碰论坛iately reached for comment.

Before Shan and his former partner Shang Dai split, they put the project on hold as the hig[……]

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Hamptons Bays sees two $3M sales

Hampton Bays, which has a med爱上海同城论坛 爱上海同城ian home price of just $440,000, has generally seen fewer high-end luxury sales than other Hamptons towns. But two recent home sales of over $3 million may indicate that the town will see a strong fourth quarter. A property just shy o上海贵族宝贝 上海千花网龙凤论坛f one acre on North Shore Road, which features a newly renovated four-bedroom, three-bathroom house, just sold for $3 million, 27 East reported. Nearby, restaurant owner Anthony Scotto sold his four-bedroom home for just under $3 million after originally listing the property for nearly $4 million in 2016. In the third quarter, the area had seen no home sales over $2 million, according to Town and Country’s report. [27East]

Tags: Hamptons
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An eye in the sky will help新爱上海同城对对碰论坛 上海同城对对碰交友社区 Southampton Town reassess properties for the 2019 tax season. A contractor will fl上海龙凤论坛 新上海贵族宝贝论坛y over the town and snap aerial photos of yards and compare them to fl上海千花网龙凤论坛 上海千花社区y-over assessments from 2016. If differences are spotted, the tax assessor’s office will investigate and dec上海千花社区 上海千花网交友ide上海千花网龙凤论坛 上海千花社区 if a property’s taxable value needs to be updated. [Southampton Press]

Tags: Hamptons
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Title insurance NY

NY Senate budget offers title insurance companies a lifeline Line would roll back DFS marketing ban

From left: James Seward, Kevin Cahill and Maria Vullo

UPDATED, March 14, 6:06 p.m.: The New York State Senate threw title companies a rope in its proposed budget Wednesday.

The Senate s budget for fiscal 2018-19 contains language that would rollback a series of strict anti-marketing regulations enacted last month by the Department of Financial Services. The regulations — which aim to curb excessive spending in an industry known for wining and dining clients — bans title companies from marketing expenses like offering clients meals and entertainment.

In a subsection of the Senate s budget, lawmakers offer a clear definition of an inducement. The budget also states that under state insurance laws, title companies cannot be prevented from undertaking any usual and customary marketing activity aimed at acquainting present and prospective customers with the advantages of using a particular title insurer or title insurance agent.

So far, the Assembly has not included a similar line in its budget. Over the next few weeks, Gov. Andrew Cuomo and members of both Houses will hash out their respective proposals to finalize the final budget.

In January, the state Senate voted to ease the regulations by challenging DFS authority.  The Assembly has been exploring options cracking down on bad actors whi爱上海同城 爱上海le instituting reform.

Last month, the New York State Land Title Association and two title[……]

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David Werner Real Estate

David Werner buying Pfizer’s Midtown HQ for $360M Pharma giant finalizes deal at Tishman Speyer’s West Side skyscraper; Midtown properties stand to gain from area rezoning

219 and 235 East 42nd Street, Adam Spies and Pfizer s Ian C. Read

UPDATED, 2:03 p.m., April 10: As it finalized its new lease at a proposed Hudson Yards skyscraper, Pfizer struck a deal to sell its longtime Midtown office buildings on East 42nd Street to David Werner for about $360 million, The Real Deal has learned.

The pharmaceutical giant has been searching for a buyer for the properties at 219 and 235 East 42nd Street while it negotiated to relocate elsewhere. The buildings span a total of 1.1 million square feet.

Related: Tishman Speyer picks up Pfizer as anchor tenant
for Spiral, lands mammoth construction loan

The deal would be for the fee po上海千花网论坛 上海千花网sition at 219 and the leasehold position at 235, sources said. It would involve a leaseback to Pfizer of at least five years, given that the company s new home at Tishman Speyer s Spiral is not expected to be ready until 2022.

On Tuesday, Tishman Speyer announced that it had finalized lease terms with Pfizer for 800,000 square feet at the Spiral, its Bjarke Ingels-designed skyscraper at 66 Hudson Boulevard. The announcement also noted that Pfizer had agreed to sell the 42新爱上海同城对对碰论坛 上海同城对对碰交友社区nd Street buildings, but did not disclose the buyer or the price.

Sources said Werner is still weighing his plan for the buildings, which could benefit significantly from the Midtown[……]

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Student Housing

Will the student housing boom last? The industry is facing demographic and economic pressures

Clockwise from top left: The London in College Station, Texas, The Cri上海千花网 爱上海同城对对碰m爱上海同城手机版 新爱上海同城对对碰论坛son in Tuscaloosa, Alabama, The Ivy in Tampa, Florida, and The Harrison in Harrisonburg, Virgini上海贵族宝贝交流区 上海贵族宝贝论坛a (Credit: CLS Living)

As more investors have funded housing near universities, overbuilding has been a danger for some property owners. Investors are being more cautious as some backers have seen their bonds downgraded.

Real estate fund managers raised $1.9 billion, through July, for student housing projects globally, the same amount as they raised in all of 2017, according to a report in Bloomberg.

Portfolios are trading at high prices, too. As a part of Greystar Real Estate’s $3.2 billion purchase of Education Realty Trust in June, the company formed a joint venture with the Blackstone Group to buy some off-campus locations for another $1.2 billion.

At the same time, existing portfolios are commanding steep prices. The influx of money has divided the market in two: areas where supply is tight and others where it’s excessive.

Stu上海贵族宝贝交流区 上海贵族宝贝论坛dent housing also faces unique pressures. For example, there’s much more turnover among tenants, so landlords have to constantly fill units. Robert Bronstein — president and co-founder of Scion Group, which owns more than 60,000 beds nationally — likened it to selling cruise tickets.

“Once you leave the dock, if you haven’t sold the room, you’re not going to,” he t[……]

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Art collector again relists Montauk oceanfront home for $25M

More than two years after a上海千花社区 上海千花网交友rt collector Adam Lindemann put a Montauk oceanfront home on the market for $25 million, the property at 404 and 406 Old Montauk Highway has hit the market again seeking $24.95 million, according to Curbed. Lindemann initially listed the six-acre plot on Montauk’s bluffs for nearly $30 million in late 2015, around the same time that he paid $50 million to buy Eothen, a Montauk estate ow上海贵族宝贝论坛 上海贵族宝贝ned for nearly two decades by the artist Andy Warhol. Curbed noted the two parcels that Lindemann paid a collective上海龙凤论坛sh1f 上海龙凤论坛 $21.5 million for in 2007 and 2008 now include a 7,500-square-foot home renovated by architec新上海贵族宝贝论坛 上海贵族宝贝交流区t Sir上海贵族宝贝 上海千花网龙凤论坛 David Adjaye with interiors by Bob Melet. Compass reportedly first had the listing for the six-bedroom and eight-and-a-half bathroom home, which is being offered fully furnished, but the Corcoran Group’s Gary DePersia now has the listing. The veteran Hamptons broker is also selling former talk show host Dick Cavett’s iconic oceanfront Montauk home, Vornado Realty Trust founder and chairman Steven Roth’s Montauk beach home and nightlife mogul Michael Hirtenstein’s Montauk party pad. [Curbed]

Tags: Hamptons, Tri-state
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