Land under Barry Diller’s IAC HQ up for sale

If the $260 million park floating above the Hudson River is “Diller Island,” then the Frank Gehry-designed IAC headquarters in West Chelsea is the Barry Diller mainland. And now a piece of Diller nation is up for grabs. The family that owns the land underneath the IAC office building at 555 West 18th Street has put the property up for sale, The Real Deal has learned. The Resnicoff family ground-leased the site in 2004 to

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City official warns against “overcorrecting” on office conversions

As developers and commercial landlords look to fast-track office-to-residential conversions, a senior City Hall official raised a caution flag Thursday. Maria Torres-Springer, deputy mayor of economic development, said the city must ensure conversions of languishing office space does not undermine the economic diversity of certain neighborhoods, Crain’s reported. “We have to make sure we are not overcorrecting in any of the districts that are hubs of activity but are really planning for the long term,”

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Schwarzman brushes off BREIT fears as “a bit baffling”

After pumping the brakes on redemptions from Blackstone’s real estate investment trust, the firm’s chairman is attempting to do the same for investor fears. Blackstone chairman Stephen Schwarzman spoke publicly on Wednesday for the first time since the Blackstone Real Estate Income Trust restricted investor withdrawals last week. In comments at an industry conference reported by the Financial Times, Schwarzman said the fears were “a bit baffling,” calling REIT “some of our best work.” “The

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RedSky founders accused of failing to repay bailout

Bad news for the Bens. After carrying two multifamily developments across the finish line in Williamsburg, investor Terra Capital Partners wants recompense from RedSky — plus a return on its equity. The private equity shop is suing RedSky founders Ben Bernstein and Ben Stokes for allegedly failing to pay investment returns or finish construction at 625 and 658 Driggs Avenue. Terra’s lawyers told a Manhattan court this week that Bernstein and Stokes owe it nearly

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Related proposes 1,500-room resort in Hudson Yards casino bid

Related Companies detailed its big plans for the next phase of Hudson Yards development as part of its casino bid. The firm’s casino proposal for the western portion of its $25 billion project on the west side of Manhattan, centers around a 1,500-room resort, CEO Jeff Blau told Bloomberg TV. Related is partnering with Wynn Resorts on the casino bid. In addition to the casino and resort, the developer’s plans for the area include a

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Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale

Congress is upping the ante in a probe of Jared Kushner’s diplomatic dealings around the time of his family firm’s sale of a prominent office building in Manhattan. Two committees sent letters to the State Department and Department of Defense this week, requesting material regarding a potential “financial conflict of interest” by Kushner during the sale of 666 Fifth Avenue, the Washington Post reported. The Senate Finance Committee and House Oversight Committee, prodded by new

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Jonathan Landau leaves Fortis to launch firm

Jonathan Landau has stepped down as CEO of the luxury property developer Fortis Property Group to start his own firm. The former chief executive is launching Landau Properties, a new real estate venture that will look to acquire and operate properties in New York, South Florida and Boston. Landau will be joined by daughter Yaeli and son-in-law DC Lowinger. “I’ve always wanted to work closely with my family and am excited about the opportunity to

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Citing Bronx fire, Council pushes building violation crackdown

For years, the New York City Council has demanded stricter penalties for landlords who allow building violations to fester. Now, members of the largely fresh-faced chamber are leveraging a tragic January fire to enact laws to that end. Landlords claim most of the Council’s proposals would saddle cash-strapped, regulation-weary owners with more fees and rules, making it harder for them to address violations. Pierina Ana Sanchez, chair of the Committee on Housing and Buildings, rooted

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SB Development, Hazelton Capital score $62M loan for LIC condo tower

Joseph Stern’s SB Development and Hazelton Capital Group are the latest developers to score a condo inventory loan to get their project over the finish line. The developers secured a $62 million completion to condo inventory loan from Northwind Group for Nova, an 86-unit Long Island City luxury development at 41-05 29th Street. The financing will be used to finish the nearly completed project and to sell out the remaining units. Northwind’s Ran Eliasaf said

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Rechler, Qataris join Orbach and Gotlib’s $850M apartment deal

Scott Rechler’s RXR and Qatar’s sovereign wealth fund joined Meyer Orbach and Josh Gotlib on their $850 million purchase of three apartment buildings developed by the late Sheldon Solow. RXR, the Qatar Investment Authority and Macquarie Capital Principal Finance provided a $261 million preferred equity investment on the deal, the partners announced Wednesday. RXR’s Russell Young, vice president of the company’s investment management arm, said his team was able to pull the deal together on

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