Gotham faces rent overcharge lawsuit in Hell’s Kitchen

Tenants allege that the Gotham Organization overcharged them by revoking utility credits in leases at three large Hell’s Kitchen apartment buildings — credits that the landlord says were issued by mistake. Attorneys representing the tenants filed the lawsuit in state court Friday seeking class-action status for tenants at three complexes. At nearly 800 income-restricted units, Gotham nixed utility credits in thousands of leases starting in June 2019, the suit says. In response, some tenants have

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Inwood i-sales bring in $26.5M

Compared to last week, the middle range of New York’s real estate investment market was downright sluggish for the week ending March 19. Four mid-market deals, most of which were around $10 million, were recorded, for a total sales volume of just under $47 million. Last week, there were six closed sales for a total of $147 million. Mid-market sales involve properties that change hands for between $10 million and $30 million each. Three deals

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Weird flex but OK: How CRE giants hope to cash in on the future of the office

As a vision of the post-vaccine future of the workplace began to emerge late last year, Industrious co-founder Jamie Hodari was nearing a new funding round with a private equity firm in October. Then, CBRE came calling. The entrepreneur sat down for a socially distanced dinner with CEO Bob Sulentic and Andrew Kupiec, head of CBRE’s in-house co-working platform, Hana. They left him convinced that his IPO-bound startup was better off partnering with the world’s

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Knotel to tap former top WeWork exec as CEO

Knotel is bringing on a WeWork veteran to help straighten out the bankrupt flex-operator. Former WeWork vice chairman Michael Gross will join Knotel as its chief executive, the Wall Street Journal reported. Gross’ first order of business will be to reduce Knotel’s significant losses. The company already plans to close a number of its locations as part of its bankruptcy restructuring. A judge last week approved Newmark’s purchase of Knotel. “I see bankruptcy not as

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Morgan Stanley plans “full return” to office

A flood of companies have announced remote-work plans for beyond the pandemic. Morgan Stanley, however, is eying a more traditional model. “We plan a full return to the Midtown office when it is safe to do so, but we expect some flexibility for employees to work from home during some of the week,” a Morgan Stanley spokesperson told Commercial Observer. “Those arrangements will vary widely based on the employee and job.” The investment bank certainly

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Comic Strip Live’s Upper East Side building up for lease

After more than 45 years of laughs, Comic Strip Live appears to be going dark. The building at 1568 Second Avenue, the longtime home of the comedy club, is being marketed for lease by Winick Realty Group, according to the brokerage’s website. The venue encompasses 4,366 square feet spread out across a ground floor and a lower level. The club was co-founded by Bob Wachs and Richie Tienken, and originally opened in 1976 as the

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Developer Tomer Dafna hit with involuntary bankruptcy petition

It’s collection time for accused fraudster Tomer Dafna. More than two years after the investor and developer was indicted for participating in a mortgage fraud scheme, the industry players Dafna borrowed money from are coming out of the woodwork to recover funds they claim they’re owed. Two of Dafna’s creditors filed a petition for his involuntary Chapter 7 bankruptcy last week, citing $1.3 million in claims, court records show. But that number could balloon to

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After 2-year drought, 425 Park Ave snags new tenant

An office building that saw leasing pause well before the pandemic may finally be turning a corner. Hellman & Friedman has recently signed a 15-year, 27,800 square-foot lease at 425 Park Avenue, developed by L&L Holding Company, the New York Post reported. The private equity firm plans to move from its current location at Lever House, just a few blocks away at 390 Park Avenue, later this year. The Hellman & Friedman deal ends the

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Here’s what tenants are paying at Macerich’s Kings Plaza mall

When J. C. Penney announced that it would close nearly a third of its stores following its bankruptcy last year, the list included a store at Brooklyn’s largest enclosed shopping center — the Kings Plaza mall in Mill Basin. Retail giant Macerich has owned the four-story super regional mall since 2012, when it paid $751 million to acquire the property from Vornado Realty Trust in one of the largest commercial real estate deals of that

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Cerberus Capital, Stonemont Financial form $1B domestic industrial venture

Stonemont Financial Group and an affiliate of Cerberus Capital Management LP have formed a joint venture to invest in the white-hot logistics sector. The partners want to buy as much as $1 billion worth of industrial real estate, according to Commercial Property Executive. So far, the two firms have purchased properties in Illinois, Florida, Mississippi and Tennessee. They did not disclose their total investment in those properties. Stonemont manages around 15 million square feet of

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