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Hotel Indigo in Chelsea Paula Del Nunzio The $88 million 15 CPW unit Ivanka Trump

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Morris Moinian to break ground on $60 million Soho hotel

By Katherine ClarKe Fortuna Realty Groups Morris Moinian told The Real Deal last month that he is partnering with his 28-year-old nephew, Matthew Moinian son of developer Joseph Moinian to transform a vacant lot at 525 Greenwich Street into a $60 million hotel. Fortuna, which bought the Soho site for $12.75 million at auction last year, is in negotiations with various management systems to operate the hotel, including the InterContinental brand, which operates Fortunas Hotel Indigo in Chelsea. The 60,000-square-foot project, designed by Japanese architect Nobutaka Ashihara, is slated for completion in 2013 and will have 124 rooms and a 90seat restaurant. Im not looking to build a trendy hotel, Morris Moinian said. Im going for something extremely comfortable, high-end and low-key. Matthew Moinian, who recently graduated from law school, has not joined his fathers company, but is Matthew Moinian 5 Beekman Street investing in the project as an individual.

Top deals of the month

Agent
Paula Del Nunzio Fred Williams Robert Schulman Kathy Sloane Lois Nasser and Christopher Rounick

Firm
Brown Harris Stevens

Price
$24 million $20 million $19 million $15.5 million

Address
15 Central Park West #31D 54 East 64th Street 778 Park Avenue #18FLR 35 East 76th Street #2601 885 Park Avenue #15C

Sothebys Warburg

Brown Harris Stevens

Sothebys

$9.95 million

Source: StreetEasy and The Real Deal. Data is for closed deals filed with the city between Nov. 28 and Dec. 23. The chart only includes sellers brokers. Only deals where an individual broker and address can be identified are included.

Most popular stories

Will holiday parties ever recover?
By leigh Kamping-Carder Its been three years since the citys two largest residential brokerages, Prudential Douglas Elliman and the Corcoran Group, canceled their once-notorious holiday bashes, citing the plunging economy and the corresponding embrace of austerity. While the residential sales market has largely recovered from 2008, the specter of financial strife continues to hover over the holiday season like Scrooges Ghost of Christmas Past, wreaking havoc with the party calendar. Corcoran and Elliman continue to eschew company-wide ftes for more intimate gatherings at individual offices. Its kind of like BYOP, said Ellimans Iman Bacodari. Bring your own party. Commercial brokerages, coming off a difficult year, also opted for restrained celebrations. That said, not everyone is reigning it in. Brown Harris Stevens and its sister brokerage, Halstead Property, celebrated at Guastavinos, a vaulted 15,000square-foot event space. They never cheated Tina Knowles us out of Christmas parties, enthused HalTown Residentials 2011 holiday party steads Georgia Kaporis.

1) Broker blasts CBRE in explosive lawsuit seeking $24M 2) Weill finds buyer for $88M 15 CPW penthouse 3) New York real estate upstarts make Top 30 Under 30 list 4) Manhattan rental market stays strong as winter closes in 5) Toll, Equity Residential pay $134 million in years largest development deal 6) CIMs shock and awe: Out-of-towners take Manhattan 7) Chetrits move to evict Hotel Chelsea tenants 8) Kushner refinances 666 Fifth Avenue 9) Morris Moinian to break ground on $60M Soho hotel 10) Condo developers move away from traditional brokerages

Jungreis, Malone face off in bitter commission feud

By leigh Kamping-Carder, with reporting By guelda Voien The stage is set for the latest phase of a long-standing dispute between off-market sales broker Georgia Malone and rival Aaron Jungreis, of Rosewood Realty Group, over commissions from the sale of a 13-property portfolio on West 49th Street. In 2008, Malone, whose clients backed out of a $70 million deal to buy the properties, accused Jungreis of using confidential information leaked by her clients to secure a $68.5 million sale of the buildings. The New York Supreme Court dismissed the claims against Jungreis in 2009, and an appeals court upheld that ruling. But Malone has now taken her case to the states highest court, the New York State Court of Appeals, and Jungreis must respond to her brief by Jan. 13. The case represents a chance for the high court to clarify the standards for a claim of unjust enrichment. Joseph Malone GeorgiaCayre
94 January 2012 www.TheRealDeal.com

Reader comments
Reassessing REBNY:

REBNY is about as useful to the Manhattan real estate market as were the safety features on the Titanic. As a REBNY member and longtime broker, all I can express is gratitude for an organization thats got my back. Its well worth the few hundred bucks I pay every year. Have you ever tried to make an appointment to show a non-REBNY listing? Ever have a dispute with a non-REBNY broker? Forget about it! REBNY rules ensure a level playing field of common rules and protocols and penalties for breaking the rules.