Under Construction

Under Construction: 44-28 Purves Street in LIC

SHOVEL BUDDIES: Ground was recently  broken on the 35-story LEED Silver targeted 44-28 Purveys Street .

Long Island City is getting what is likely the first new LEED Silver-designed apartment building in Queens that utilizes both solar and wind power.

In addition to the LEED certification, the two-building project is slated for acceptance into the New York State Energy Research and Development Authority New Construction Program, and has been accepted into the Brownfield Cleanup Program; it is currently in the process of being cleaned up. Read More

Sales Beat

AEW Snaps Up 520 West 43rd Street Apartment Building from Gotham


AEW has acquired New Gotham, a 375-unit apartment building on the Far West Side, from the Gotham Organization and its investor AIG Affordable Housing, representatives of the seller announced today.

The acquisition price was approximately $170 million, according to the New York Post, which first reported the sale. Built in 1998, the 34-story New Gotham is located at 520 West 43rd Street, just north of Hudson Yards.

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Food & Drink

On-Trend 5,000-Square-Foot Food Market Coming to Hell’s Kitchen

Gotham West (Credit: Gotham Organization)

The Gotham Organization, the developer of a new residential building on 11th Avenue at 44th Street, will bring a 5,000-square-foot food market to the base of the property.

Vendors at Gotham West will include Brooklyn Kitchen, a Williamsburg-based butcher offering classes in pig carving and vegan tamale making, and Ivan Ramen, a self-professed “artisanal” noodle joint on the Lower East Side. Brooklyn Kitchen’s sausage-centric Meat Hook subsidiary is also a vendor at the open air Williamsburg Flea, the always mobbed seasonal food stall extravaganza that the Hell’s Kitchen market hopes to emulate. Read More

Lease Beat

Hotel Development Coming to BAM Cultural District

95 Rockwell Place Rendering

A long-term ground lease has been arranged for the development of a hotel at 95 Rockwell Place in Brooklyn, near the Brooklyn Academy of Music, it was announced last week.

The news of hotel development comes on the heels of Mayor Bloomberg’s November 2012 announcement of plans to begin the development and construction of 600 units of mixed income housing, as well cultural and commercial space in the area. The site, bounded by Fulton Street, Rockwell Place and Ashland Place, is to be developed through the Gotham Organization and DT Salazar.

Mayor Bloomberg also announced a public review of the development of 50,000 square feet of creative, cultural and community space, as well as a new public plaza in the neighborhood.

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Lease Beat

The Langston Welcomes Deal$

Courtesy of Rofo

Deal$ is set to open a new location at 301 West 145th Street on the southeast corner of Frederick Douglass Blvd.

The discount chain will join retail tenants Bank of America, Starbucks, and New York Sports Club in leasing the base of the Langston Condominium. Developed by the Gotham Organization and the Richard Group, the Read More

Mortgage Observer

Wells Fargo’s Alan Wiener: Massive Multifamly Biz and Unwelcomed Guests

Alan Wiener.

Alan Wiener called the whole thing “weird.” And for several reasons it was a somewhat unusual scenario—two bus loads of folks from the Bronx 99% Spring, an Occupy Wall Street offshoot, gathered on his lawn Saturday April 14, 2012, a beautiful spring day. The buses had pulled up to the private drive leading to his Rye home as men, women and children took the short walk to Mr. Wiener’s property (click through to the end to read the letter the group left him).

Heidi Hynes, a spokeswoman for the group, told The Mortgage Observer that they chose Mr. Wiener “because he’s in charge of multifamily mortgages and because the Bronx is filled with multifamily housing.” Also, she said, he lives in Rye, which wasn’t far to travel. According to Ms. Hynes, Mr. Wiener is part of the predatory banking system that had over-financed mortgages and then received bailout money from the government, even as programs for poor kids in the Bronx were cut. Read More

Mortgage Beat

At Over $60 Billion in Originations, Wells Fargo Again On Top


The Mortgage Bankers Association last week released its annual ranking of loan originations. The data is broken into several metrics—such as originations for third parties and originations by investor group. However, for several categories, including total originations, Wells Fargo once again came out on top.

The bank’s commercial real estate originations for 2011 hit $60.2 billion, putting it way ahead of the other institutions in the top five. HFF came in at two on the list, with $20.6 billion, followed by Meridian Capital Group, CBRE Capital Markets and PNC Real Estate with $17.3 billion, $16.5 billion and $15.8 billion, respectively.

Alan Wiener, group head at Wells Fargo Multifamily Capital, told The Commercial Observer that the bank’s volume of originations in the New York City area for 2012 will continue apace. Read More