An Upper East Side townhouse that dates back to 1883 just sold for $21.5 million. The seller, who paid $23.5 million for the property at 51 East 80th Street in 2014, took a loss on the deal. The townhouse was sold by North Fifth LLC, with Richard Gold as a managing member, according to records filed with New York City’s Department of Finance. Gold is an executive at private investment firm General Atlantic. The buyer […]
Excavation has begun for One Boerum Place in Downtown Brooklyn. The upcoming ground-up, mixed-use condominium tower will rise 21 stories on a narrow, triangular-shaped plot of land. The site is bound by Boerum Place, Red Hook Lane, and Fulton Street. SLCE Architects is the designer while Avery Hall Investments, Allegra Holdings, and Aria Development Group are the developers. The joint venture team was recently able to acquire a $165 million construction loan from Jutland Finance. The total cost of One Boerum Place is expected to be around $250 million.
A new mixed-use tower within the billion-dollar Essex Crossing development has officially topped out above the Lower East Side, Manhattan. Located at 180 Broome Street, the 26-story tower is designed by Handel Architects and will eventually contain 175,000 square feet of office space, 263 rental units, and 27,000 square feet of retail area. The building is expected to complete by the end of 2020, while the full Essex Crossing project is planned to wrap up by 2024.
Churchill Real Estate Holdings’ Justin Ehrlich made a name for himself as a New York developer snapping up distressed Downtown buildings during the financial crisis and turning them into luxury condos. But lately, his focus has been on another high-growth business: cannabis. In addition to his property dealings, Ehrlich is a partner in Loudpack, an umbrella company of brands that sells a popular line of vaporizers, among other products. He’s also a partner in Greenwolf […]
Blackstone Group will pay about $1.1 million in refunds to rent-stabilized tenants at Parker Towers, though the payout doesn’t signal an end to a lawsuit over illegal rent increases at the Queens complex. The lawsuit was initially launched in March 2018 against the Jack Parker Corporation, which accused the real estate company of illegally deregulating apartments in the 1,327-unit Forest Hills rental complex despite receiving tax breaks under the J-51 program, which requires landlords to […]
Permits have been filed for a 24-story mixed-use building at 160-05 Archer Avenue in Jamaica, Queens. Located between 160th Street and Union Hall Street, the corner lot is two blocks east of the Jamaica Center-Parsons/Archer subway station, serviced by the E, J, and Z trains. Hugo Corvalan of Shorewood Real Estate Group is listed as the owner behind the applications.