Mayor Bill de Blasio today unveiled his $73.7 billion preliminary budget plan for the next fiscal year–squirreling away more than $1 billion in surplus money left by the previous administration as he prepares to enter negotiations with the city’s 150-plus municipal labor unions, which are all working under expired contracts and itching for pay hikes and retroactive raises. Read More
CB Richard Ellis’ Capital Markets Group has secured a $380 million loan for the recapitalization of Chelsea Market, the mixed-use property at 75 Ninth Avenue in Manhattan, brokers told The Commercial Observer. Read More
Strategically designed to lure the world’s biggest real estate leaders-nearly all of whom, it turns out, are flying into Las Vegas later this week for the annual International Council of Shopping Centers RECon exposition-Auction.com has announced what the site describes as the “largest commercial real estate and note auction in U.S. history.”
Indeed, beginning tomorrow, Read More
The Germany-based Paramount Group is marketing a partial stake in its ownership of the 2.4 million-square-foot 1633 Broadway building in Times Square. The group, which recently added a 49 percent stake to its majority investment last month, is now seeking to flip a similar interest in a deal that might also include equity and part Read More
The bank was just weeks away from taking over Murray Hill’s prized 1180 Sixth Avenue when a Chinese investor stepped in to save the tower.
“We got into a tight situation in that a mezz holder, the Shorenstein Group, bought the equivalent of the B-note,” said Norman Sturner, president and CEO of Murray Hill Properties, Read More
Four executives from Lehr Construction Corp. pleaded not guilty in court today after being indicted by the Manhattan District Attorney’s office for stealing an estimated $30 million from their clients.
Manhattan D.A. Cyrus Vance released a statement detailing that the company, specializing in interior construction, arranged for clients to be overcharged for work by general Read More
Not long ago Burger & Barrel opened in Soho offering $25 truffle burgers as if the Great Recession were already over (or perhaps it never began). But reality comes roaring back, with news that lenders have sought to foreclose on the restaurant’s home and are marketing the loan for $8.5 million, The Observer has learned. Read More
One of the Upper East Side’s first condo-ops has secured a $24 million senior underlying co-op mortgage and a $1 million unsecured line of credit
The Royal York, near York Avenue between 63rd and 64th streets, has received a seven-year financing with a fixed-rate of 3.96 percent. The loan, provided by a local savings bank, Read More
Money management firm Stillwater Capital Partners‘ planned Soho dream suite is up for sale.
The site at 476 Broome Street has a lien of $32.3 million and is scheduled for a foreclosure auction on lucky St. Patrick’s Day, according to Forbes. It was slated to have seven condo units, including two penthouses, a rooftop swimming Read More
Loans on a stalled development site are being sold to investors with an appetite for four slices of the United Nations submarket.
The current owners had considered moving air rights from the two 45th Street properties to the two on 44th Street, offering nearly 75,000 square feet of potential development in a prime area for hotels Read More