When the grand marble hall and chandeliers of the Metropolitan Club were built in 1891, Brown Harris Stevens was already in business. More than a century later, the marble tiles and velvet-lined staircases inside the storied social club lent a stately air to a landmark celebration for the 150th anniversary of the major New York City residential player. Much like the firm itself, the evening melded old-world charm with modern flair, the two eras mingling
In a fight against another New York-based real estate powerhouse, Thor Equities has put down its hammer. Weeks after filing a lawsuit in New York against three Lightstone Group executives, Joe Sitt’s firm discontinued it. Thor had demanded $80 million, accusing Lightstone chairman David Lichtenstein and executives Mitchell Hochberg and Joseph Teichman of helping two former Thor executives breach their fiduciary duties. Thor’s attorneys, Joseph Matalon and Stella Sainty of Wachtel Missry, did not include
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StreetEasy will soon launch a trio of products designed for sellers in a play to pass those leads onto brokers and corner the most valuable part of the lead-generation market. The Zillow-owned company is set to release a real-time data platform, a concierge service to connect with agents and a dashboard to track estimated home value, nearby sales and calculate closing costs. The new features will roll out for sellers’ use from February through March.
A biotechnology incubator is headed for the Brooklyn Navy Yard. Mayor Eric Adams announced wide-ranging development plans in his second State of the City address this week, including a $20 million pledge for the development of a 50,000-square-foot incubator. The City first reported the plans. Expected to open in the next few years, the facility will include office, research lab and programming spaces for biotech companies and startups. Partners in the project include the city’s
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Angry Upper East Side co-op residents are wondering if a neighboring church looking to build within a yard of its property is beyond redemption. Frustration boiled over at a meeting this week of the development committee of Manhattan Community Board 8 against the Presbyterian church Redeemer, Crain’s reported. The meeting was the latest chapter in a dispute over the proximity of the church planned for 150 East 91st Street. The church plans to build a
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A dispute involving the iconic Sears building in Hackensack has been resolved, clearing the way for its redevelopment. The city reached a settlement with Transformco, the company that acquired Sears Holdings’ assets, NorthJersey.com reported. The deal comes a year after Transformco filed a lawsuit alleging the city curbed the redevelopment potential of the site, 436 Main Street. In December 2021, the City Council approved its own concept, calling for mixed-use residential and commercial use, but
John Catsimatidis is ready to go to war with a New York City lumber store. Midtown Lumber claimed the Red Apple Group CEO conspired with the store’s former landlord to toss it out of 276 West 25th Street, its West Chelsea home for six decades, according to a complaint reported by Bloomberg. Catsimatidis said everything he did was “legitimate.” “If they want to try to suck our blood, make my day,” the billionaire grocer, refinery
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In November, Barry Sternlicht touted Starwood Property Trust’s stash of dry powder and the strength of its hotel business. Turns out there was trouble in paradise. Weeks earlier, the firm’s parent company Starwood Capital, had seen an $800 million loan backing 138 hotels go into special servicing. Starwood, listed as the portfolio’s institutional sponsor, had failed to make the balloon payment due when the mortgage matured in October, according to Fitch Ratings. Starwood has since
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As interest rates rise and banks pull back on lending, real estate owners with loans coming due find themselves in a bind. Last year’s dramatic rate hikes — the steepest in a single year since 1980 — mean that some owners are being forced to put more money into their projects after a refinancing, rather than taking money out. Seth Weissman wants to capitalize on this misalignment. His lender and development firm, Urban Standard Capital,
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Latch’s accounting inaccuracies appear to be worse than previously revealed. The struggling smart-lock startup said this week that “internal control deficiencies” and revenue-recognition errors rendered audited financial statements from 2019 and 2020 unreliable, Crain’s reported. The disclosure comes five months after a similar warning by the Tishman Speyer–backed, Chelsea-based firm about its 2021 and early 2022 results. An investigation by Latch’s board found errors regarding how the firm recognized revenue, including that management failed to
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