Eliot Spitzer

Spitzer: Don’t do business with Trump! “If you want to lend money to him, good luck. Hire a lawyer.”

Eliot Spitzer, Donald Trump (right)

Real estate developer and former New York Governor Eliot Spitzer on Wednesday took a jab at Donald Trump’s business record. “If you want to lend money to him, good luck. Hire a lawyer,” he quipped at the America-Israel real estate conference Nadlan in the City. “I would not suggest you do business with him.”

Spitzer was referring to Donald Trump’s string of bankruptcies as a real estate developer and implied that they 上海千花社区 上海千花网交友don’t bode well for his potential as an economic policymaker. “Donald Trump doesn’t have an answer to (economic problems) except to make us great again,” Spitzer said. “Ok, that’s nice. If you look at how many bankruptcies he’s had I don’t think it’s quite a paradigm you want to follow.”

Donald Trump last year switched from real estate development and entertainment to politics, becoming the presumptive Republican nominee for U.S. president. Spitzer, a Democrat, took the opposite direct爱上海同城论坛 爱上海同城ion. After years in public office and on the campaign trail, he recently assumed the helm of his family’s real estate firm, Spitzer Enterprises. But you have to wonder if he’d rather still be a politician.

Spitzer shared the stage with JDS Development’s Michael Stern and Stonehenge Partners’ Eyal Reggev to talk about New York’s luxury market, but instead spent most of his time talking about wage stagnation and growing economic inequality in the U.S. He also appeared exasperated at Tr爱上海 爱上海同城手机版ump’s candidacy. “Democracy is not supposed to be that way,” he said. “But right now when you look around it’s discomforting for those of us who believe t爱上海龙凤419桑拿 上海龙凤论坛sh1fhat democracy should be a discourse of serious ideas and serious people.”

The two developers have a bit of a history. Trump donated $21,000 to Spitzer, at the time New York’s attorney general, in 2002 and 2003. Spitzer later returned the money when it emerged that Trump had business before the AG’s office. For years, Trump described himself as a Spitzer fan. “Eliot will make an amazing governor and he will bring business to New York like it has never seen before,” Trump told The Real Deal in 2006. He was one of few New York developers to support Spitzer’s run for governor on an anti-上海千花网交友 上海千花网论坛Wall Street platform.

The relationship appears to have soured more recently. In 2011 Spitzer, then a CNN host, questioned Trump’s net worth on the air. Trump, famously sensitive about the public perception of his wealth, called Spitzer on live TV to rebut.

In July 2013, Trump tweeted: “Eliot Spitzer was a horrible Governor and A.G. who ruined many good people and cost the Country billions of dollars in losses (and jobs).”

Tags: Donald Trump, eliot spitzer
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The Real Deal Magazine

The July issue is live! Stories include deep dive into NYC retail market and ranking of top resi agents

Another week, another report about struggling retailers and rising vacancies in Manhattan. Luxury and non-luxu新爱上海同城对对碰论坛 上海同城对对碰交友社区ry tenants are increasingly less willing to pay the steep rents that building o上海千花网交友 上海千花网论坛wners 新爱上海同城对对碰论坛 上海同城对对碰交友社区demand.

Amid a bevy of these troubling signs, The Rea上海同城对对碰交友社区 上海夜网论坛l Deal s July issue took a closer look at whether New York City’s retail bubble is about to pop.

We took a deep dive into the retail scene, exploring whether the largest lenders are too exposed and which new projects are reshaping Fifth Avenue.

Next in “Rentolopy,” we ranked the 20 biggest residential landlords in the city. Just 20 landlords own more than 150,000 of the roughly 2.2 million rental apartments in the city.

We profiled Ben Shaoul, who has transitioned from a small-time landlord of rent-regulated apartments to one of the most prolific luxury condominium developers. He has nearly 500 new Manhattan condo units on the market likely more than any other developer at the moment.

And it wouldn’t be the July issue without TRD’s annual ranking of the top residential agents. The top 75 brokers held a total $12.5 billion in listings this year, up from $12.2 billion year-over-year.

In our Closing interview, Iron Hound Management’s Robert Verrone talks about the fallacy of his “Large Loan Verrone” nickname, Barbie dolls and his drag racing days on the Jersey Shore boardwalk.

To read the July issue of The Real Deal, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! – Mark Maurer

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Westchester Trump Tower

NYC landlord stole millions from tenants of
Westchester Trump Tower: suit Frank Palazzolo, the condo board treasurer, is accused of siphoning off $8.7M

Trump Tower in Westchester (credit: Trump Organization)

The condo board at Trump Tower in Westchester is suing its long上海龙凤论坛sh1f 上海龙凤论坛time treasurer, accusing him of using the building’s funds as his own “personal piggy bank.”

In a civil racketeering lawsuit filed with the Manhattan federal court on Monday, New York City landlord Frank Palazzolo is accused of stealing up to $8.7 million from the Westchester Trump Tower in White Plains over several years. According to the suit, the condo board says the building has been left “in a precarious financial position unable to pay for basic service and exposed to significant litigation risk, the New York Pos爱上海同城论坛 爱上海同城t reported. Palazzolo s wife is named as a co-defendant.

Palazzolo who runs several companies out of the Palazzolo Plaza in Scarsdale is also accused of collecting more than $200,000 in utility payments from tenants, and then leaving the residents to pick up the tab. According 爱上海 爱上海同城手机版to court documents, the condo board says Palazzolo moved money from the condo’s accounts into accounts that he controlled and that he used fake documents to cover his tracks. Palazzolo paid people to help him with the scheme, according to the suit, and a number of condo board members have been named as co-defendants.

The board alleges that Palazzolo used the money to make real estate inv上海千花社区 上海千花网交友estments, including buying three foreclosed units at Trump Tower in Westchester.

In 2010, two dozen Bro上海龙凤论坛sh1f 上海龙凤论坛nx tenants sued Palazzolo’s company Semper Fi Management 4, alleging there had been more than 1,000 building code violations at three separate rental buildings in the borough.

The Trump Tower at City Center has Trump branding, but is not owned, developed or sold by Donald Trump. [NYP] Miriam Hall

Tags: Donald Trump, trump tower, Westchester Fairfield
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Central Park Tower

The priciest condo project in New York history is finalizing a $900M loan Financing from JPMorgan-led group allows Extell’s Central Park Tower to move ahead; one of the biggest loans of this cycle

Rendering of Extell s Central Park Tower, JPMorgan s Jamie Dimon and Gary Barnett

Gary Barnett s Extell Development is finalizing a $900 million constructio阿拉爱上海同城 爱上海龙凤419桑拿n loan for Central Park Tower, The Real Deal has learned. The financing would allow Barnett to proceed with the ultra-luxury condominium tower at 217 West 57th Street, which is the priciest residential project in New York City上海同城对对碰交友社区 上海夜网论坛 history with a $4 billion sellout. It would also be one of the largest condo construction loans of this cycle.

Extell signed a term sheet this week with a group of lenders led by JPMorgan Chase, sources familiar with the matter said. Closing on the loan would end an 18-month quest for financing for the 179-unit, 1,550-foot supertall project, which many real estate insiders bet would never get built.

Representatives for Extell and JPMorgan declined to comment. The loan is the final piece in an intricate capital stack, which includes $168 million in EB-5 funds, a $300 million equity investment from SMI USA, the U.S. subsidiary of Shanghai’s largest state-owned enterprise, and interim financing from lenders such as JPMorgan, Blackstone Group and Fortress Investment Group. (In October, TRD took a deep dive into Barnett s search for funds for the tower.)

In an interview with TRD in March, Barnett said he was targeting a $900 million construction loan.

“That only represents $1,800 a foot. It would be a very conservative construction loan,” Barnett said.

Last month, the 上海龙凤论坛sh1f 上海龙凤论坛New York State Attorney General’s office approved the offering plan, allowing sales to launch. With a projected sellout of $4.02 billion, the project has the priciest offering plan ever accepted by the city, followed by Vornado Realty Trust’s 220 Central Park South at $3.4 billion.

Meanwhile, the price of Ext上海千花网论坛 上海千花网ell’s bonds on the Tel Aviv Stock Exchange has fallen between 5 and 7 percent since May, raising concerns among investors in Israel. Barnett defended his firm s position in the Israeli press, saying: “We have high capital levels and very low leverage. Whoever takes a deeper look feels very comfortable with the situation.” As of Wednesday, Extell s bonds were trading at yields of 13 percent.

JPMorgan is also in late-stage talks to provide an $850 million construction loan for Macklowe Properties office-to-residential Condo Conversion One Wall Street.

(To view more of Extell Development s financing transactions, click here)

Tags: Commercial Real Estate, Development, extell development, gary barnett, JPMorgan Chase, Real Estate Finance
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Tom Barrack

Colony Capital s Tom Barrack in running to become ambassador to Mexico Billionaire is a friend of Trump’s

Thomas Barrack (credit: Getty)

Colony Capital s Tom Barrack is the front-runner to becoming the U.S. ambassador to Mexico.

Barrack, one of President Trump s lead fundraisers and a close friend, is being considered for the position, which is being closely watched given the president s relationship with Me上海龙凤论坛 新上海贵族宝贝论坛xico and his crackdown on immigration, Politico reported. It s not clear if Barrack wants the job, but White House officials told Pol爱上海同城 爱上海itico that the role is his if he wants it.

One White House official said it might be difficult for Barrack to sell all of his assets. Others said that he might be better suited to work in South America.

The Real Deal Los Angeles last month took a look at Barrack s ties to the president and how he stands to potentially profit from increased business between the Middle East and the U.S. Barrack served as deputy undersecret爱上海同城对对碰 爱上海同城论坛ary of the U.S. Department of the Interior during the Reagan administration. He is also a particularly active real estate investor in L.A. [Politico] — Kathryn Brenzel 

Tags: colony capital, Donald Trump, Politics
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Airbnb NYC

Illegal Airbnb listings are thriving in hipster Brooklyn, hotel lobby says Investigation found some hosts tell their guests to lie about staying through short-term rental service

Williamsburg (Credit: Stre上海龙凤论坛 新上海贵族宝贝论坛etEasy)

The city might be trying to crack down on illegal Airbnb listings, but the site’s black market is still very popular in Brooklyn’s hipster neighborhoods.

The Hotel Association of New York hired the firm of former NYPD officer Herman Weisberg to look into illegal Airbnb activity, and he found that 上海千花网交友 上海千花网论坛illegal listings in Williamsburg, Bushwick and Bedford-Stuyvesant—three of the most popular Airbnb neighborhoods in New York—are thriving, according to the New York Post.

Some hosts blatantly tell their guests not to say they are staying there for Airbnb to avoid getting in trouble, while other landlords have gone as far as hiring management companies to run their Airbnb listings, the Post reported.

City officials have recently stepped up their enforcement of illegal Airbnb listings. The Office of Special Enforcement issued 1,026 short-term-rental violations during the first six months of 2017 compa上海贵族宝贝交流区 上海贵族宝贝论坛red to 693 in 2016, a 32 percent increase.

Airbnb spokesperson Josh Meltzer slammed the hotel lobby for funding the undercover operation, and told the Post that private investigators like Weisberg were just harming the public.

“Responsible hosts who share their own home — a上海千花网龙凤论坛 上海千花社区nd often just rooms in their homes — are now being targeted by industry-backed enforcement officials,” he said. [NYP] – Eddie Small

Tags: airbnb, brooklyn, Politics, Tech, Williamsburg
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Mary Louise Perlman

The Alfa executive on playing bass guitar at work, borrowing furniture from her boss and sending apple pies to Fab 5 Freddy

Mary Louise Perlman (Photos by Emily Assiran)

Mary Louise Perlman, 39, is v上海同城对对碰交友社区 上海夜网论坛ice president of development and marketing at the New York-based real estate firm Alfa Development — a role that has taken her through the life cycle of each of the company’s condo projects since she joined Alfa in 2010. Her responsibilities include working with architects on unit layouts and design decisions as minute as whether a tenant would prefer the kitchen pantry to the left or right of the refrigerator. She also serves as an executive director of Gallery 151, founded by Alfa CEO Michael Namer in 2007, and the firm’s NoMad hotel, HGU New York. Perlman previously worked as a project and sales manager at Corcoran Sunshine and has been involved in the predevelopment, marketing and sales of more than 15 luxury Manhattan condos, totaling nearly $1 billion in closings, since 2006.

WATCH: Real estate s rock star: ML Perlman

Her bluish-gray office on the eighth floor of 15 West 18th Street is filled with art. It’s also brimming with music when she sings and plays bass guitar. This might seem strange in the offices of most other real estate executives, but Perlman played in an electro-pop-punk band called Spalding Rockwell for nearly a decade. The group, which she described as “proto-Lady Gaga,” was perhaps best known for the song “Hear My Name” — a collaboration with DJ Armand Van Helden. She and her bandmate ended up going their separa上海龙凤论坛 新上海贵族宝贝论坛te ways in 2006, but Perlman still records in her home studio and occasionally scores music for project websites, as she did for 200 East 21st Street, a 67-unit condo building in Gramercy Park. She and her husband, Andrew, live with their two children, Ethan, 4, and Isabel, 8, in Scarsdale, New York. Perlman grew up on the Upper West Side as the second-oldest child of four. She enrolled at Johns Hopkins University in 1996 and left in 1998 with plans to take a year off to focus on music, but never returned after her band took off. After leaving Spalding Rockwell, she looked for a career that offered the flexibility to continue pursuing music, and real estate fit the bill.

Bass Guitar

Perlman said she always keeps her Traveler bass guitar nearby in case she needs to get into a “creative headspace” or think about a problem in a different way. In those cases, she’ll step away from her desk and play in her office — even with the amp turned on, the sound is tame enough to avoid distracting colleagues. When asked about strumming in the office, Perlman played a few songs for this reporter (see video online at TheRealDeal.com). “Real estate is very right-brain, left-brain,” she said. “So when I’ve got to activate one side, or maybe my left brain is fatigued from looking at a spreadsheet, I’ll take a break and play for a little while just to get my mind on something else.”

Namer Portrait

Perlman’s brother, John Plat[……]

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50 West 66

Meet the secretive Kazakh company backing the Upper West Side’s latest skyscraper Meridian Capital Limited was founded by oligarchs investing billions globally, including in Extell’s 50 West 66th St.

From left: A Map of Kazakhstan, Sauat Mynbayev, Gary Barnett, Nurzhan Subkhanberdin and 50 West 66th Street

Party Girl once went by a different name.

The 205-foot, eight-cabin yacht once belonged to Askar Alshinbayev, a Kazakh energy and banking tycoon who sold it in 2016. Alshinbayev, according to yacht enthusiast website SuperYachtFan, had given the vessel a less provocative moniker: Meridian.

More interesting than the vessel itself is the inspiration for its name, private equity fund Meridian Capital Limited. The Bermuda-incorporated entity, with operations in London and Hong Kong, is linked to some of Kazakhstan’s wealthiest individuals and has invested in mining, oil, and infrastructure projects across the globe. It was also behind Russia’s largest ever real estate deal in 2012, selling a shopping mall in St. Petersburg to Morgan Stanley for $1.1 billion.

Another notable investment for Meridian: Its bet on Gary Barnett’s Extell Development.

According to an analysi爱上海同城 爱上海s of property records by The Real Deal, Meridian has invested more than $200 million into Extell s latest New York real estate projects. The relationship appears to have started in 2011. That year, Barnett acquired a site at 16-18 West 57th Street, and a Meridian-linked entity called “Bremsten Finance” assumed the developer’s $65.5 million mortgage. The same year, Meridian acquired the debt on Barnett’s development site at 3 West 46th Street, a $10.3 million loan originally held by Anglo-Irish Bank, as well as the $19.3 million in debt on Barnett’s 570 Fifth Avenue just around the corner, city records show.

Last September, TRD reported Meridian, through its Hong Kong-based division, took a $127 million equity position in Extell’s condo tower at 50 West 66th Street. The deal not only made Meridian one of Extell’s biggest known equity investors, it also appears to be the biggest known Kazakh investment in New York real estate. Real Capital Analytics, which tracks global capital flows in the real estate industry, doesn’t even have any U.S. commercial real estate investments from the Central Asian nation in its current database, the company said.

“It’s a little bit unusual from the point that it’s one investment of that size [$100 million plus], but there are plenty of Kazakh investors investing all over the United States,” said Ed Mermelstein, a real estate attorney who has represented several Kazakh clients in New York deals. “Maybe not $100 million at a time, but they’re making $5, $10, $20 million dollar [real estate] investments all over the place.”

Extell did not respond to several requests for comment for this story. The 上海千花网交友 上海千花网论坛firm’s development partner on the 66th Street project, Sam Sidhu’s Megalith Capital, declined to comment. Representatives for Meridian could not be reached.

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Home Equity

What s a degree worth? A third of homeowners say they d borrow 上海千花网交友 上海千花网论坛against their homes to pay for it The findi阿拉爱上海同城 爱上海龙凤419桑拿ng comes from Bankrate.com’s survey of American homeowners

(Credit: Pexels, Max Pixels)

Homeowners across the country have about $5.8 trillion in equity and — notwithstanding some hesitancy — there s some surprising ways they plan on using it. Chief among them is to get a degree.

In a recent survey, one of the most common reasons to爱上海龙凤419桑拿 上海龙凤论坛sh1f borrow against a home was to pay off student debt or other education-related costs, CNBC reported, citing data from Bankrate.com. Nearly a third of homeowners who responded said they believed that loans to pa爱上海同城论坛 爱上海同城y for education were a good use of their home equity.

About one in six homeowners reported that they felt borrowing against their home to pay bills was a good option.

The number of new home-equity lines of credits jumped in the first quarter of 2018 — despite e爱上海 爱上海同城手机版xpectations that the new tax bill would deter borrowers, and cash-out refinancing is at its highest point in about a decade, as The Real Deal reported. [CNBC] —Erin Hudson

Tags: Home Equity, Real Estate Finance, Residential Real Estate
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Westchester

Westchester Fairfield Cheat Sheet: RXR scores $103M for Atlantic Station in Stamford more

Clockwise from top left: HGI buying is The Halstead in New Rochelle, Blue Garden Apartments is buying a multifamily portfolio in Bridgeport, RXR scores $103M for Stamford s Atlantic Station, proposals are due for Danbury s Tuxedo Junction.

RXR scores $103M in refinancing for Stamford s Atlantic Station
Insurance and financial services holding company Ullico is providing a $103 million loan to RXR Realty s Atlantic Station residential development in Stamford, according to the Commercial Observer. The fixed-rate loan refinances existing construction debt on the property. Atlantic Station s first phase, a 26-story glass tower with 325 units, opened in April. [Commercial Observer]

AMS buys Yonkers Chicken Island development site for $16M
The city of Yonkers is selling the 6-acre Chicken Island parking lot to AMS Acquisitions for $16 million, Lohud reported. New York City-based AMS is planning a mixed-use development and a luxury hotel for the property. Named for the slaughterhouse that once occupied the site, Yonkers has been trying to develop the downtown Chicken Island property for 40 years. [Lohud]

Greenwich-based builder tries selling tiny houses in Westchester
Husband and wife team Ken and Tori Pond are betting that tiny houses have a future in New York s suburbs. Their Greenwich-based company Craft Sprout is selling mobile structures for between $45,000 and $100,000, according to Westchester Magazine. The couple says most of their tiny homes are used as accessory structures as opposed to full-time residences. One selling point for Westchester buyers: tiny home owners are free from property taxes and building regulations since they are on wheels. [Westchester Magazine]

A 588-unit New Rochelle tower sells to Virginia-based firm
The Halstead apartment tower in downtown New Rochelle is being sold for the second time since 2013, Lohud reported. Virginia-based HGI Acquisitions is in the process of buying the property from Boston-based DSF Group. No sale price has been announced, but New Rochelle assessed the value at more than $223 million. DSF bought the building in 2010 for $210 million. [Lohud]

Proposals wanted for redevelopment of Danbury s Tuxedo Junction
Potential tenant上海夜网论坛 上海夜网s for the former h上海同城对对碰交友社区 上海夜网论坛ome of新爱上海同城对对碰论坛 上海同城对对碰交友社区 the Tuxedo Junction club have until November 21 to submit their bids to the city of Danbury. The vacant concert venue has been owned by the city since 2017. Bidders must provide $1 million in general liability insurance and $5 million for excess liability and other funding上海夜网 阿爱上海同城 depending on how they plan to use the space, but the city is willing to negotiate below-market lease terms if the tenant invests in capital improvements, Fairfield Business Journal reported. [FBJ]

Trio of multifamily properties in Bridgeport sells for $4.3M
Blue Garden Apartments is buying three multifamily properties in Bridgeport for $4.3 million, according to the Fairfie[……]

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