Real Estate and Politics

Witkoff Among Developers That Footed Bill for City Council Speaker’s Inauguration Bash

City Council Speaker Melissa Mark-Viverito

The Witkoff Group, Marathon Development and Lighthouse Group LLC–along with three unions–paid 87 percent of the $30,000 raised for an inauguration party for City Council Speaker Melissa Mark-Viverito, the New York Daily News reported.

The developers, which often require city approval for their projects, backed the Jan. 30 inauguration party through contributions made to Ms. Mark-Viverito’s inauguration committee. She spent $27,000 on the party of the $30,000 she raised. Of the money spent, $26,500 came from the developers and “living wage” lobbying unions. Read More

Mortgage Observer

The Guarantor’s Dilemma

Joshua Stein.

A mortgage lender hates the idea that the borrower might file bankruptcy. Thus, even if the loan is otherwise nonrecourse, the lender will often require the owner of the borrower to sign a “carveout guaranty.” Such a guaranty won’t activate unless, in part, the owner ever decides to put the borrower into bankruptcy. It gives the owner every incentive to keep the borrower out of bankruptcy. It should solve the lender’s concern and prevent voluntary bankruptcies, right? Read More

Post-Tropical Storm Sandy

Hurricane Sandy Rallying Cry For Anti-Development Crowd in Brooklyn

The corner of Third Street and Third Avenue, near the Whole Foods site in Gowanus.

The Gowanus neighborhood of Brooklyn has been billed as one of the city’s most up and coming areas for the better part of a decade despite the literally toxic nature of its namesake canal.

Now, development-wary locals are viewing the surge of dirty water that Hurricane Sandy brought to the Superfund site as a rallying cry in their restrained fight against Gowanus’ residential and commercial rehabilitation. Read More

Post-Tropical Storm Sandy

The List of CRE Companies Donating Office Space Through City Program Continues to Grow

David Lichtenstein

The list of real estate companies teaming up with the New York City Economic Development Corporation to donate free, temporary office space in the wake of Hurricane Sandy continues to grow.

The latest, The Lightstone Group, announced Friday that it will make 11,000 square feet of space available at 1407 Broadway through a city program for a period up to six months. Read More

Mortgage Beat

$51 Million Construction Loan from CIBC Funds Lightstone Multifamily

50-01 2nd Street.

A Long Island City residential project is underway thanks to a $51 million construction loan provided by Canadian Imperial Bank of Commerce.

The Lightstone Group and its sponsored, non-traded REIT Lightstone Value Plus are constructing the 199-unit multifamily property at 50-01 2nd Street along the East River in Long Island City. Financing from CIBC closed September 28, 2012. Read More