For anyone who thinks time has become meaningless in the coronavirus era, two big real estate investors are arguing over how long two days is. Joseph Sitt’s Thor Equities and Mactaggart Family & Partners broke out their abacus and calendar as they argued over a key deadline in a nearly $24 million Flatiron District retail deal, according to a new lawsuit. Thor’s deal to sell 933 Broadway to Mactaggart fell apart earlier this month. And
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Marcus & Millichap plans to lay off 20 percent of its workforce as the publicly traded commercial real estate brokerage goes through a restructuring. The company, which is headquartered in Calabasas and has a market cap of $1.12 billion, revealed its pandemic response plan in a May 11 public filing. Part of the plan was “a reduction of the company’s employee workforce by 20 percent,” which comes to about 175 of an 877-person workforce. The
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David Bistricter just landed the largest residential construction loan of the year for his massive three-tower apartment complex in Greenpoint. The Bank of China and SL Green Realty provided Bistricer’s Clipper Equity with $386 million in financing for the developer’s massive rental project at 77 Commercial Street, sources told The Real Deal. Bistricer will use the financing to construct a trio of rental buildings with some 720 units. Representatives for Bistricer and Bank of China
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Eastern Union Funding settled its lawsuit with a group of brokers who bolted the firm two weeks ago over its new commission policy. The mortgage brokerage also said it’s on a hiring spree to expand the new model. On Monday, attorneys for the company withdrew the petition they filed in court last week, accusing the eight brokers of breaching their employment agreements by starting their own competing firm and taking with them trade secrets. The
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A partnership between Brookfield and Philip M. “Tod” Waterman III of Waterman Interests has taken over the Lever House from Aby Rosen and Michael Fuchs’ RFR Holding. A source said Waterman will be responsible for all aspects of leasing and management of the landmark property at 390 Park Avenue. “We are excited about taking control of the iconic Lever House and will soon be announcing our plans for investing a substantial amount of capital to
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The number of Manhattan residential deals in-contract jumped 52 percent, providing a glimmer of hope in what has been an increasingly grim market over the last month and a half. UrbanDigs data show there were 47 in-contract deals from May 11 to 17, up from 31 the week prior. That increase follows six consecutive weeks of declines. While the number of deals grew, the total amount dropped slightly, to $68.7 million from $69.3 million the
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Alan Jemal has accused his brother Steven Jemal of having “unclean hands” in a lengthy affidavit that sheds new light on the legal battle between the siblings. The brothers have filed dueling lawsuits accusing each other of stealing from their family real estate business, which includes their mother, Ruth, and owns about 100 buildings throughout New York City. Alan has claimed that Steven stole more than $650,000 from several of their management companies, while Steven
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A Brooklyn landlord is accusing Compass of capitalizing on Covid-19 to get out of its lease. In a lawsuit filed Tuesday, landlord Stuart Venner said the residential brokerage used the pandemic to ask for rent relief — and ultimately walk away from its office — at 384 Atlantic Avenue in Boerum Hill. Although Compass told the landlord it was “reducing its real world footprint,” Venner cited the firm’s $1.6 billion in venture funding as evidence
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