The tax man
When it comes to the townhouse at 51 West 83rd Street, you have to give the Upper West Siders points for their novel approach to NIMBYism. Rather than adopting the “not in my backyard” stance that characterizes so many local disputes, neighbors took the more unusual “not in your backyard” tack, vehemently opposing Mavi Jeans owner Ragip Ersin Akariliar’s plan to install a pool and three-tiered deck behind his house.
So it’s not altogether surprising that even though the Turkish millionaire won the battle, securing landmarks approval for the indoor/outdoor pool, two of the deck’s three stories and glass curtain wall in the back of the house, he decided to abandon his renovation plans and move elsewhere. The house, frozen in the midst of a gut renovation with all approvals in place, hit the market for $7.2 million this March.
The last few months have been a fraught time for a number of privacy-loving and estate-planning New Yorkers who looked likely to lose a significant tax break because they bought their co-ops and condos in trusts or LLCs.
The practice of buying a home in a trust or an LLC has, over the years, blossomed in popularity alongside with the online availability of property records and the proliferating numbers of snoops who use Google to search out the details of their friends’, colleagues’, acquaintances’ and enemies’ personal lives. Which is unsurprising given that until this year there was no penalty for shielding one’s identity from prying eyes via a hastily-incorporated LLC.
The Lease Beat
With all the recent $95 million and $100 million listings, it can be easy to lose sight of the fact that not all luxury apartments can be sold for a 500 percent profit, not even all penthouses on the Park.
Indeed, the 23rd-floor penthouse of 110 Central Park South did not manage to fetch the $27 million it was asking when it came on the market in May 2011. And the owners—VRHNYC, LLC—were only hoping to double the $12.9 million that they paid for the apartment back in 2006.
A week after real estate investment firm APF Properties announced that it completed nine new leases at its “Club Row Building”, the company said it had locked up eleven more in three of its other office buildings, The Commercial Observer has learned.
All 20 signings – worth a total of 76,000 square feet - took place Read More