A few of the court documents in the legal battle that’s erupted over the ownership of Stuyvesant Town have popped up online, and, while a lot of the records are sealed from view (at least on the Web site), there’s a couple interesting tidbits.
First a bit of background:
— Early last week, activist investor Read More
A judge has halted the attempt by hedge funder Bill Ackman and Winthrop Realty Trust to seize control of Stuyvesant Town, putting the brakes on the foreclosure the two investors had scheduled for Aug. 25.
Now, the two parties are scheduled to appear in court on Sept. 2.
The special servicer in control of Read More
Check out this clip of Good Day New York featuring our Dana Rubinstein, who was over at the Fox 5 Studios this morning to be part of a conversation (debate?) over Park51—the so-called “Ground Zero Mosque” to be built in Lower Manhattan.
Ms. Rubinstein was on to chat about her story this week that Read More
The holders of the first mortgage at Stuyvesant Town do not appear to be impressed by Bill Ackman and Winthrop Realty Trust’s play to take control of the 11,200-apartment mini-city.
The special servicer on the loan, CW Capital, has taken court action against Winthrop and Mr. Ackman, the activist investor and hedge fund manager, Read More
This past spring, Anthony Malkin, president of Malkin Properties and an owner of the Empire State Building, started paying attention to an office tower planned by Vornado Realty Trust. The giant office landlord was seeking approvals to build a tower up to 1,216 feet high two blocks to his building’s west, on what’s Read More
A push by preservationists be damned, Coney Island landlord Joe Sitt appears to be near the start of property demolitions in the amusement hub’s central district.
Late last week, the Department of Buildings approved demolitions on two buildings: the Shore Hotel, built in 1903, and the Bank of Coney Island, built in 1923, according to Read More
Genting New York
Bill Ackman and his plan to buy Stuy Town and make money. (NYT)
More drama at the Chelsea Mansion. (Curbed)
A look at the court ruling that frees (some) condo buyers to get out of their contracts. (NYT)
With looser rules, FHA backs financing on more luxury Read More
Count Tony Malkin as apparently not a fan of Steve Roth’s planned tower in place of the Hotel Pennsylvania.
In public testimony submitted to the City Planning Commission in June (recently posted online; page 7), Mr. Malkin, president of Malkin Properties and an owner of the Empire State Building, subtly lashed out against the Read More
The pro-rent regulation folks are upset.
Last night, Tenants PAC, a group devoted to expanding rent regulations in New York, sent out a press release announcing that it was rescinding endorsements for three Senate Democrats from outside the city: David Valesky, Brian Foley, and Darrel Aubertine. The group had pushed to get all three elected over Read More
The Bloomberg administration’s plan to limit the spread of hotels in north Tribeca is drawing fire from the real estate industry.
The Real Estate Board of New York, the industry’s chief advocacy group, today put out testimony rather critical of a new special provision for hotels contained within the planned North Tribeca rezoning, calling it Read More
The folks at Extell Development are apparently fans of Christine Quinn.
Late last month, Lela Goren, a business partner of Extell’s who does extensive work with the company, held a fundraiser in the West Village for Council Speaker Christine Quinn that was attended by many executives from Extell. Ms. Quinn is eyeing a run for Read More
In mid-July, Bill Ackman was relaxing on Nantucket when he got a call on his cell phone. On the other end was Michael Ashner, the CEO of Boston-based Winthrop Realty Trust, who had a plan to grab control of the 11,200-apartment property that occupies a healthy 80-acre chunk of Manhattan’s East Side.
Read More
Maybe the Aqueduct deal will happen after all.
The Democratic majority in the State Senate today issued a statement saying that it supports the selection of Genting New York to develop slot machines at the Aqueduct racetrack.
From Senate Democratic leader John Sampson:
“Nothing is more important than creating jobs. The acceptance of Genting puts Read More
Hedge fund manager Bill Ackman is making a play for Stuyvesant Town.
Mr. Ackman’s Pershing Capital Management and Winthrop Realty Trust today put out an announcement that the two firms had bought up $300 million worth of mezzanine debt on the 11,200-apartment property and are seeking to foreclose on the owners, a partnership controlled Read More
A month after first designating the Durst Organization the winning bidder to buy a $100 million stake in One World Trade Center, the Port Authority of New York and New Jersey yesterday announced the basic terms of its agreement with Durst.
In making some of this deal public (though certainly not all), a few Read More
