Web hits: The month in review

Frederic Schwartz

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COMMERCIAL SALES OFFICE LEASES RETAIL LEASES

THE CLOSING THE DATA BOOK EVENTS

Kathy Sloane

111 Kent Avenue

Aqueduct Convention Center

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Donny Deutschs townhouse

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Architect, contractors claim Donny Deutsch stiffed them for townhouse work
By Katherine ClarKe Advertising guru and television personality Donny Deutsch is facing a barrage of claims that he stiffed the contractors and architects who helped design his Upper East Side townhouse. Frederic Schwartz, the architect tapped by Deutsch to transform the 6 East 78th Street townhouse into a contemporary palace in 2010, claims he was never paid the $1.79 million hes owed for the work. Meanwhile, architectural renderer Andrew Hickes filed a lien against the property in 2010, claiming that he was not paid for renderings he created. And contractor J.P. Hogan Coring & Sawing Corporation also filed a lien against the property. Deutsch is also facing a lawsuit from Sothebys International Realty in relation to the 2010 sale of his Hamptons property. In a lawsuit filed last year, Sothebys claims it found the buyer in the $30 Donny Deutsch million deal and is owed $1.8 million in commission.

Top deals of the month

Agent
Kathy Sloane Bonnie Chajet, Ronnie Lane Leonard Steinberg, Herve Senequier Daniela Kunen Robert Haberman, Patrick Gavin

Firm
Brown Harris Stevens

Price
$52.5 million $31.5 million

Address
740 Park Avenue #12-13 1030 Fifth Avenue #9W

Warburg

Elliman

$14.38 million 26 Downing Street $12.25 million 1185 Park Avenue #16AB $11.2 million 16 East 10th Street

Elliman

Elliman

Source: StreetEasy and The Real Deal. Data is for closed deals filed with the city between April 30 and May 30, where both a broker and an address can be identified. Chart only includes sellers brokers.

Silverstein plans huge Far West Side residential-retail tower

By adam PinCus Developer Larry Silverstein is roughing out designs for an approximately 60-story residential and retail tower on Manhattans West Side, a block from his Silver Towers rental project. The new building, at 514 11th Avenue, is in the early stages and has not been formally announced, a source familiar with the development said last month. While the overall size of the building has not been laid out, the retail portion of the project is expected to be between 150,000 and 250,000 square feet. Silverstein will partner on the project with Mercedes-Benz of Manhattan, which owns the land. The site is the former showroom for the luxury automaker, which relocated to 555 West 53rd Street last year. Robert K. Futterman & Associates is representing Silverstein to find a tenant for the retail space. The blended asking rent (for ground-floor and upper-level Larry Silverstein space) is about $75 per foot.

Most popular stories

1) Breaking down the monthly nut 2) Burkles billions 3) Manhattan rental market prices hit record high 4) Who reigns in retail? 5) Jamestown to buy LIC building from Chetrits for more than $80M 6) Asking prices for Williamsburg new developments jump 53 percent 7) Glucks 111 Kent Avenue sells for $56M 8) NYC real estate jobs on rise, especially in private equity 9) Madison Realty pays $22M for Williamsburg rental

Court permits former Xanadu developer to seek $600M in damages

By Katherine ClarKe A New York appeals court last month ruled in favor of ERC 16W Limited Partnership, the former developer of the Meadowlands Xanadu shopping and entertainment complex, giving ERC the right to recover $600 million in damages against a Lehman Brothers affiliate, which cut off the promised construction financing for the project. ERC a partnership led by Colony Capital took over development of the 104-acre complex in East Rutherford, N.J., in 2006. ERC was forced to abandon the project, however, when the Lehman affiliate refused to fund its share of a $1 billion development loan. While a lower court held last year that Lehman simply had to find a substitute lender for the project, the appellate court last month reversed that decision, holding that both the lender and its guarantor are liable. ERC now intends to seek damages arising from its lost investment on the projMeadowlands Xanadu shopping center ect that may total $600 million.
102 June 2012 www.TheRealDeal.com

10) MDLNY star Serhant to head Nest Seekers office in Tribeca

Reader comments
Keller Williams fails to attract top agents, listings:

Shocker! Another national brand rides into town, overpays to hire local talent/management, opens a snazzy office and expects everyone to come running.
Trade shows threaten to boycott proposed Aqueduct Convention Center:

Ive watch fairs in Milan and Paris falter when they closed the convention centers in downtown and moved them outside of the city. Aqueduct will ruin some of the trade shows currently in the Javits.