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December 11, 2024

SL Green Sells Madison Avenue Building To Jeff Sutton At A Loss

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SL Green has sold 690 Madison Ave. to Jeff Sutton six months before the loan tied to the property is set to mature. 

SL Green Sells Madison Avenue Building To Jeff Sutton At A Loss

Sutton's Wharton Properties scooped up the mixed-use, nearly 8K SF building for $34M, according to a deed filed with the city Wednesday. In 2021, SL Green took the property over from Ashkenazy Acquisition Corp. in a foreclosure sale

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How Elie Schwartz Went From Rising Real Estate Star To Alleged Fraudster

Elie Schwartz rose from obscurity in Brooklyn to stake a claim on the skylines of Manhattan and Philadelphia — and then it all came crumbling down.

How Elie Schwartz Went From Rising Real Estate Star To Alleged Fraudster

The CEO and co-founder of Nightingale Properties was charged with wire fraud on Dec. 4, a crime carrying a maximum 20-year prison sentence if convicted. Schwartz pleaded not guilty at an Atlanta federal courthouse but waived his right to a grand jury indictment, an indication that a plea deal could…

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SL Green Says Converting 750 Third Ave. Will Cost $805M

SL Green Says Converting 750 Third Ave. Will Cost $805M  

New York City office owners have spent the last couple of years wringing their hands as they describe how expensive it will be to convert old office buildings into housing.

Now, the city’s largest office landlord, SL Green, has provided a price tag.

The REIT’s plan to turn the 35-story office tower at 750 Third Ave. into a 639-unit apartment building will cost $805M, according to a presentation by SL Green as part of an investor day Monday. The developer plans to take advantage of 467-m, the city’s tax abatement for conversions…

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This Week’s N.Y. Deal Sheet: Brooks Brothers, Sephora And Barcade Coming To FiDi

This Week’s N.Y. Deal Sheet: Brooks Brothers, Sephora And Barcade Coming To FiDi  

Several landlords in Manhattan's Financial District have inked big-name retailers to leases in the past week.

Men's dresswear chain Brooks Brothers is returning to the neighborhood where it originated. Brooks Brothers signed for 10K SF at L&L Holding Co.’s 195 Broadway, where the retailer is planning to open a new flagship store.  Brooks Brothers will join fellow tenants Nobu Downtown and Anthropologie in the building. Cushman &…

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Portfolio Of 120 JCPenney Stores To Hit The Market, Sales Could Top $1.3B

Portfolio Of 120 JCPenney Stores To Hit The Market, Sales Could Top $1.3B  

The owner of 120 JCPenney stores across the U.S. is planning to put the for-sale signs on their “cherry-picked” locations next year as part of the retailer’s 2020 bankruptcy process. 

Newmark is marketing the portfolio for the real estate holding company for the retailer called Copper Property CTL Pass Through Trust —  created in 2020 as a separate entity owned by JCPenney lenders after mall giant Simon Property Group and Brookfield Property Group bought the retail operations out of…

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