Bistricer plans 650 units at landmarked Sears in Flatbush

Real estate development can make for strange bedfellows. But a prolific Brooklyn landlord teaming up with a Greenwich hedge fund at a landmarked department store? Now that’s a visual. Clipper Equity, a multifamily owner and developer led by David Bistricer, has filed plans to build two residential buildings totaling 456,000 square feet in Flatbush. The projects will bring 650 units to 2360 Bedford Avenue, the site of a landmarked Sears that opened in 1932 and

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Criterion Group plans 170K-sf industrial building in LIC

After a rocky courtship that led to a lawsuit, a near-divorce and an $80 million price tag, Shibber Khan’s Criterion Group is ready to settle down with 22-09 Queens Plaza North. The industrial and multifamily firm submitted plans to build a 170,000-square-foot industrial building on the Long Island City plot near Queensbridge Park, which it first began pursuing in 2014. Once completed, the building will stand 65 feet tall and have four loading berths. Its

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LePatner sues former Swig COO for unpaid bills

A Lannister always pays his debts. But a condo developer in financial straits? Possibly not, according to a new lawsuit from construction attorney and consultant Barry LePatner. Since 2018, LePatner has been suing Steven Kirschenbaum and Ronald Winkler, the developers of 320 West 115th Street, alleging they owe him a raft of bills for his work to get their struggling project across the finish line. A judge has already ordered Kirschenbaum and Winkler to pay

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Brookfield scores $438M for Mott Haven megadevelopment

Brookfield Properties secured a tsunami of funding from Apollo Global Management for its waterside development in the South Bronx. The real estate developer received $438 million to build a 982,000-square-foot, mixed-use building at 101 Lincoln Avenue in Mott Haven, according to city records. The building will provide 921 units spread across 25 stories. The overall development, which Brookfield is calling Bankside, will cover 4.3 acres and supply more than 1,350 apartments, 30 percent of which

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The Hamptons hotel that conquered Covid

As hotels nationwide seek a path back to prosperity, one Hamptons resort has emerged as a beacon. Gurney’s, a recently renovated luxury hotel in Montauk, was situated almost perfectly to thrive in the pandemic, according to a new report from Morningstar DBRS. It’s a “drive-to” resort, within reach of Covid-cautious travelers who were afraid to fly but still wanted a taste of the beach. The 149-key Gurney’s is one of only two proper, full-service resorts

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Extell lands $325M refi for Times Square Hard Rock Hotel

Gary Barnett is ready to rock. A month before its 446-key Hard Rock-branded hotel is slated to open in Times Square, Barnett’s Extell Development has secured a $325 million package from Guggenheim Investments to refinance the property, records show. The funding includes a new gap loan of $100 million and replaces a $225 million construction loan originated by Bank of America in 2020. The 37-floor hotel, completed last year, will open for business next month

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College admissions scammer unloads $14M apartment

This buyer passed the test. Gregory Abbott, one of the wealthy parents swept up in the college admissions scandal nicknamed “Operation Varsity Blues,” has sold his full-floor apartment on the Upper East Side for $13.5 million. The sale price is more than 100 times the amount he pleaded guilty to paying for his daughter’s college entrance exams to be corrected. The buyers are Aaron and Alyssa Kapito. Aaron is a co-founder at Politan Capital Management,

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Co-op resident alleges “self-dealing” among board over dirty laundry

UPDATED, Feb. 17, 2022, 2:30 p.m.: On the outside, the Sage House is a well-appointed co-op on a quiet corner in Gramercy Park. But inside, a resident alleging favoritism from the co-op board over his dirty laundry — literally. Resident Jeffrey Pollack is suing the building’s co-op board after it denied his request to put a laundry room in his apartment. His beef: the board apparently let its president do exactly that in 2015. The

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Ritz-Carlton NoMad scores $200M refi from Bank OZK

Forget the Ozarks — Bank OZK is getting Ritzy. The prolific lender from Little Rock is taking over financing at the Ritz-Carlton Hotel and Residences in NoMad with a $200 million refinance loan. It takes the place of Atalaya Capital Management, which took over $50 million of debt and gave the hotel a $199.6 million construction loan in 2018. The refi is the latest turn in a development odyssey for Paul Kanavos’ Flag Luxury Group,

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Bad vibes threaten Rybak’s Upper East Side project

Rybak Development and Congregation Kehilath Jeshurun got off to a shaky start, no matter how you measure it. In 2020, the Brooklyn-based developer spent $26 million for 126 East 86th Street on the Upper East Side. It soon demolished the building and scored city approval to replace it with a 20-story development with ground-floor retail and apartments above. But as Rybak prepared for excavation work, it hit an unlikely snag that threatened to derail its

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