Larry Gluck’s Stellar Management has purchased an apartment building at 26 Vandam Street for $6.1 million in a play to add air rights to its undertaking at One SoHo Square.
Gluck plans to tack the 15,625 square feet of air rights onto the 80,000 square feet of new office penthouse space being added to neighboring 161 Sixth Avenue and 233 Spring Street.
“Because the air rights are essentially unusable towards the immediate property, Stellar Management will use them for the huge redevelopment of the office buildings next door — that will be a huge win for them,” said Peter Von Der Ahe, a first vice president of investments at Marcus & Millichap, who brokered the deal along with Joe Koicim, a vice president of investments, and David Lloyd.
A property at 309 West 57th Street in Midtown West that once housed a Victorian Gothic church and later saw the likes of John Lennon and Frank Sinatra pass through its doors has changed hands for $42.5 million.
The 16-story, 75,600-square-foot rental property with 102 apartments and nearly 14,000 square feet of commercial space – currently home to night club Providence NYC – was purchased by New York City-based real estate investment firms Imperium Capital and Bronstein Properties.
The property, site of a former church and later a prominent recording studio, is located near a number of popular amenities and development projects, and it’s the latest in a string of high-profile acquisitions made by Imperium Capital.
When the credit crisis hit and the real estate market all but collapsed, news of disgraced developers became commonplace, their tales more often than not layered with intrigue.
Take Kent Swig, who, after being divorced by his wife, filed an affidavit in May responding to a lawsuit filed by his ex-father-in-law, industry luminary Harry Macklowe, arguing that Mr. Macklowe embarked on a “vendetta” aimed at “starving” him of every last penny.
But as the downfalls of real estate tycoons like Mr. Macklowe, Shaya Boymelgreen, Bruce Eichner and Larry Gluck stack up like so many new developments across Manhattan’s skyline, analysts and the city’s landlords themselves have begun to wonder aloud if there’s a limit to how much real estate can be accumulated.
“A developer’s function is to develop property, and sometimes they develop and develop until they can’t develop anymore,” said appraiser Jonathan Miller of Miller Samuel Inc., a real estate appraisal and consulting firm based in New York City. “Where people fell short was that the market was more powerful than them … the market is brutal, and it has no compassion.”
Ever since the credit crisis hit and the real estate market collapsed, the news has been filled with disgraced developers–including in these very pages. Yet for every plucked chicken, there seems to be an equal number of phoenixes who, year after year, decade after decade, return from the construction graveyard to build again. (The Observer, Read More
The slowly dissipating fallout from the monster Stuyvesant Town rent regulations court ruling of 2009 has hit Larry Gluck and his Independence Plaza in Tribeca.
Per Crain’s, a state judge ruled yesterday that Mr. Gluck’s Stellar Management was at fault for taking units out of rent stabilization in the 1,300-unit complex, given Read More