Dozens of NYC parking garage sites have “hazardous” violations

New York City has identified a slew of parking structures with violations classified as “immediately hazardous” and needing swift repairs.  There are at least 61 addresses in the city with a parking garage that have open Class 1 violations, the Department of Buildings told the New York Post. The dozens of structures, which comprise a […]

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Urban Commons vs. the world: Firm shifts blame as Wagner Hotel faces auction

Urban Commons has spent the past two years litigating failed projects from coast to coast, but it seems to be at war with everyone over the Wagner Hotel — and its past battles are coming back to haunt it. The hospitality firm is fighting a foreclosure attempt by its lender as well as allegations of unpaid bills by its landlord and a condo board at the Lower Manhattan property, which it bought for $151 million

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Blue Man Group’s Seaport school building hits market for $28M

Blue Man Group has built an entertainment empire on silence. But they’re hoping to make some noise with this listing. The home of an expensive private school operated by founders of the silent performance troupe has hit the market in Lower Manhattan. The six-story, 32,000-square-foot commercial building at 241 Water Street in the South Street Seaport District is asking $28 million, according to a listing with Avison Young. The property sits on a 7,400-square-foot lot

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Durst eyes rare sale in Seaport district

The Dursts are looking to unload a handful of small apartment buildings in Lower Manhattan’s South Street Seaport district — an uncommon move for a family that rarely sells its properties. The Durst Organization and its partner, Zuberry Associates, are looking to get $87 million for the seven buildings, according to marketing materials from Avison Young, which is handling the sale. The buildings, which include 95 apartments and 15 retail units spread across more than

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Blackstone’s 8 Spruce sues tenant over alleged pop-up restaurant

No amount of crabs with salmon roe will save a pop-up dinner business owner from eviction, so long as those in charge at 8 Spruce Street gets its way. Beam Living, which manages the luxury apartment building in the Financial District, is suing to have Carlos Gasperi removed from his 75th-floor unit, Crain’s reported. The building manager alleged Gasperi, who owns a speakeasy dining concept that operates out of several spots in the city, has

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Stalled Bowery development site faces foreclosure

Investor Grant Shapolsky faces foreclosure on a Lower Manhattan development site with plans for a 10-story office building. Lender Urban Standard filed a foreclosure suit on the property at 171 Bowery, between Broome and Delancey streets, alleging that an entity tied to Shapolsky’s Prime Manhattan Development defaulted on a $7 million loan. Shapolsky’s firm took out the loan in 2019 with a maturity date of February 2020. After two extensions, Prime Manhattan Development entered into

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Hidrock’s FiDi hotel project facing foreclosure

A hotel development project in Lower Manhattan delayed by the pandemic appears to be on unsteady financial footing and facing foreclosure. Bank Hapoalim is alleging that Hidrock Properties has not paid back the $32.8 million loan that the Israel-based lender provided for its purchase and development of 140 Fulton Street in the Financial District, Crain’s reported. Hidrock purchased the 2,700-square-foot vacant lot and an adjacent six-story building at 140-142 Fulton Street for $19.8 million in

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Agency nabs 109K sf at Silverstein’s 120 Broadway

The New York City Housing Development Corporation will relocate from 110 William Street to a Silverstein Properties building just five minutes away. The city agency inked a lease for 109,000 square feet at 120 Broadway in the Financial District, the real estate development firm said Monday. HDC, which helps finance affordable housing in the city, will occupy the 40-story building’s second and third floors. The length and value of the lease were not disclosed, nor

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Industrious partners with Wolfson for 44K sf at Cunard Building

As office landlords nervously watch tenants struggle to lure employees back to their desks, Industrious is continuing to expand. The co-working startup next month will open its 18th New York City location. The company is partnering with the Wolfson Group to open a 44,000-square-foot flex office within the Cunard Building at 25 Broadway in the Financial District. The coworking space is expected to have more than 350 seats, the company said. The flex workspace provider

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Casa Cipriani owners land $100M refinancing

Casa Cipriani’s owners can kick back and enjoy a Bellini after scoring a $100 million refinancing of the Lower Manhattan property. The ownership trio of Midtown Equities, Centaur Properties and Cipriani S.A. landed the refinancing from Acore Capital, the Commercial Observer reported. The refinancing came in the form of a three-year bridge loan, including two one-year extension options. A Walker & Dunlop team including Jonathan Schwartz and Aaron Appel arranged the debt. The refinancing is

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