3 East 95th Street

Carhart Mansion’s PH back on market for $27M Jimmy Choo co-founder Tamara Mellon bought the Parisian-inspired condo for $21M

Shoe designer Tamara Mellon’s penthouse at the 1913 Carhart Mansion is back on the market and asking $27 million – a $7 million discount from its initial price tag.

Located at 3 East 95th Street, the duplex measures 7,140 square feet with terraces spanning 5,290 square feet. It first hit the market in 2014 asking $34 million and last year got price chopped to $29.5 million.

At the current price, Mellon is looking for $3,781 per foot for the pad.

The Corcoran Group’s Jeff Lorenz and Douglas Elliman’s Keith Copley and Pascual Ort爱上海同城手机版 新爱上海同城对对碰论坛iz have the listing.

Built to resemble a Parisian townhouse, the landmarked mansion was converted into four residences in 2005, and Mellon reportedly bought the condo from Edgar Bronfman Jr. in 2008 for $21 million.

“The apartment itself feels like Downtown living with its lofty proportions,” Lorenz told The Real Deal in an email.

Mellon, a British socialite and shoe maven, told the New York Times in 2014 th上海同城对对碰交友社区 上海夜网论坛at “the terraces ar爱上海同城 爱上海e heaven.”

The 10-room penthouse has five bedro上海龙凤论坛 新上海贵族宝贝论坛oms, four wood-burning fireplaces, a solarium and a 13-by-23-foot walk-in closet with “discreet f上海同城对对碰交友社区 上海夜网论坛rosted windows that turn transparent at the top.”

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Guy de Chimay

Elliman sues “Wall Street Warrior” over commission Brokerage says Guy de Chimay refused to pay the firm for selling his East Hampton property

Guy de Chimay and 34上海夜网 阿爱上海同城 Hedges Banks Drive in East Hampton

Guy whiz.

Douglas Elliman is suing disgraced former hedge fund manager Guy de Chimay, claiming he failed to pay the firm a commission for selling his East Hampton house.

Elliman was tapped to market the property in 2014.

In court papers filed in Suffolk County Supreme Court Sept. 20, Elliman claims that in May 2014, it got the exclusive listing to sell the 4,428-square-foot, five-bedroom home at 34 Hedges Banks Drive for a one-year period. Elliman was to be paid a 6 percent commission in the event of a sale. The brokerage claims that in January 2015, de Chimay sold the house for an undisclosed amount to Hampton Dream Properties LLC, 爱上海同城论坛 爱上海同城but did not pay Elliman a commission.

De Chimay had purchased the property in 2005 for $2.6 million, and first put it on the market in 2011 for just under $5 million.

De爱上海同城手机版 新爱上海同城对对碰论坛 Chimay gained notoriety for his appearance on the documentary series “Wall Street Warriors,” in which he was portrayed as one of the city’s top young hedge fund managers. In 2011, De Chimay was convicted爱上海 爱上海同城手机版 of running a Ponzi scheme in which he claimed a link to the Belgian royal family and enticed victims to lend him money for what he termed a bridge-loan facility.

In the SEC s complaint, it wrote there is no evidence that any bridge loans were actually 上海千花网龙凤论坛 上海千花社区made, and investments were instead used to make mortgage payments on Chimay’s multi-million dollar home in the Hamptons. He pleaded guilty and was sentenced to three to nine years in prison as well as ordered to pay a $6 million fine.

Representatives for the brokerage declined to comment. Hampton Dream Properties, which specializes in houses in foreclosure and pre-foreclosure according to its website, couldn’t be reached.

Tags: Douglas Elliman, East Hampton
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U.S. Home Sales

Home sales reach highest level since beginning of recession Rising mortgage rates, prices might put a damper on things

Home sales in November jumped to the highest levels seen since the beginning of the recession, but th爱上海 爱上海同城手机版e flurry of activity could be tempered by rising mortgage rates and sale prices.

Sales of previously-owned homes in the U.S. rose 15.4 percent year-over-year last month to an annual rate of 5.6 million, the highest sales rate seen since 2007, according to a study by the National Association of Realtors (NAR).

At the same time, borrowing rates have soared since the Nov. 8 election. For 30-year fixed-rate mortgages, the average rate was 3.77 percent in November — up from 3.47 the previous month, the Wall Street Journal re上海千花网龙凤论坛 上海千花社区ported. The average rate has continued to climb in December, reaching 4.16 percent last week.

“We do expect some taperin爱上海同城对对碰 爱上海同城论坛g off of home sales in 2017,” Lawrence Yun, the NAR s ch阿拉爱上海同城 爱上海龙凤419桑拿ief economist, told the Journal.

Sales prices are also increasing as supply tightens. In November, the median sales price was $234,900, which was a 6.8 percent jump from the same time last year. [WSJ] — Kathryn Brenzel

Tags: home sales, National Association of Realtors 上海千花网论坛 上海千花网
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Moujan Vahdat

Billionaire cuts $10M deal to build new residential building on Harlem church site The sale needs court approval

58 West 135th Street

After struggling to keep up with mounting expenses, a Harlem church is seeking to sell its property to billionaire Moujan Vahdat in a 阿拉爱上海同城 爱上海龙凤419桑拿deal valued at $10.2 million.

Vahdat, who heads Elmo Realty and Empire Development Fund, plans to take over and demolish the Metropolitan African Methodist Episcopal Church at 58 West 135th Street to make way for a new 30,000-square-foot residential building, court documents indicate. The ground floor and cellar of the building — totaling 11,000 square feet— will be a new church space, while the remaining space will be dedicated to rentals or condos. About 1,100 square feet on the 上海千花网 爱上海同城对对碰first floor will be set aside as an apartment for the pastor.

The Harlem church, a two-story building originally built as a theater in 1915, has required a number of repairs over the years. The church decided to cut a deal with Vahdat because it couldn t keep up with the cost of maintaining the building, according to courtDocuments Filed With The State Supreme Court on Friday.

In addition to building a new space for the church, Vahdat agreed to pay off the remaining $400,000 on the church s mortgage, as well as $4,000 per mo新上海贵族宝贝论坛 上海贵族宝贝交流区nth for 20 years once construction is complete. Vahdat will also pay up to $5,000 per month to help the church pay for a temporary location during construction, which is expected to take roughly 2.5 years.

The church filed a petition in court on Friday seeking approval of the sale, as is required by religious corporations under state law.

The application doesn t specify whether the remaining residential portion of the project will be condos or rentals, nor if they will all be market rate. The church states in court documents that Vahdat s proposal was selected, in part, because it contained the possibility for affordable housing units — though they are not required. In the proposed sale agreement, Vahdat indicates that he may include affordable units if the project receives 421a and isn t required to pay prevailing wages to construction workers.

The new version of the tax exemption, Affordable New York, requires certain average wages for projects t上海千花社区 上海千花网交友hat are larger than 300 units and south of 96th Street in Manhattan — meaning the project w上海贵族宝贝 上海千花网龙凤论坛ouldn t be subject to the wage requirements. Still, it s not clear if Vahdat will opt to include any affordable units.

A call to Elmo Realty was not immediately returned. An attorney for the church, Matthew Maline, declined to comment.

Vahdat has purchased at least six other buildings in Manhattan and the Bronx over the years, including an eight-unit, low-income residential building at 3047 Hull Avenue and a five-story rental building at 1870 Pelham Parkway South.

Tags: Commercial Real Estate, NYC Churches
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Jay Neveloff

The high-profile real estate attorney on growing up with his wife, shooting guns and his bond with the Trump family

Jay Neveloff (credit: Studio Scrivo)

Jay A. Neveloff is a partner at Kramer Levin Naftalis Frankel, where he chairs the real estate practice. A transactional lawyer with a catalog of marquee deals over three decades, his longtime clients include Donald Trump and the Trump Organization, which he advised on deals at the Plaza Hotel, GM Building, Trump Tower and other projects. Since 1974, Neveloff has been involved in more than $100 billion worth of deals. He currently represents CIM Group at 432 Park Avenue and is advising China’s Anbang Insurance Group, which paid nearly $2 billion for the Waldorf Astoria in 2015 and plans to convert part of the hotel into luxury residences. Neveloff is a graduate of Brooklyn College and NYU School of Law.

DOB: October 11, 1950
Hometown: Bensonhurst
Lives in: Westchester
Family: Married with two adult sons (ages 36 and 38)

Where did you grow up? Brooklyn. My parents were divorced, and I grew up as an only child with a mother who worked at night as a photographer in a nightclub. So I had the ability to wow my dates.

What were you like as a kid? I was always pretty out there and hard to manage. I got into a lot of trouble — not bad trouble, but I questioned authority a lot. I had this view that in order to be respe上海贵族宝贝交流区 上海贵族宝贝论坛cted, you had to earn the respect. My wife, Arlene, and I grew up together, and I think the principal of our elementary school [P.S. 177] was upset when we got engaged.

How did you and your wife meet? I met her on Kol Nidre night [Yom Kippur] in synagogue, and one of my classmates who was with my wife-to-be just pointed me out and said, “That’s who you are going to marry.” It turned out to be true.

Are you particularly religious? No, three days a year I’m religious.

You just turned 67. How did you celebrate? By working and having dinner with my family. I find my attitude toward life and the world in my 60s is infinitely more secure and more comforting than it was in my 40s. It’s a tremendous asset.

You have two adult sons. What were you like as a dad when they were young? I struggled to be around. We raised our children in the suburbs, and I remember taking the train or a car to watch a soccer or basketball game and then going back into the city. There were a lot of things that had to get done, and I was less a master of my own time.

Both of your sons ended up in real estate. Was that your doing? Our house was real estate-centric. My closest friends were my clients. Both boys were on more construction hoist阿拉爱上海同城 爱上海龙凤419桑拿s than you could imagine, but they didn’t want to do what I did. They had seen how hard I was working. But they both ultimately came to the dark side.

What are the most complex deals you’ve worked on? They’re becoming more and more complex as we go along. When I worked on Trump Tower, that was state of the art. The Time Warner Center was, at the time, the grandfather of mixed-use pro[……]

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NYC Air Rights

Here s how much office developers paid to acquire air rights last year More dev rights went to office properties last year than 上海贵族宝贝 上海千花网龙凤论坛for resi condos

New York City Skyline

Move over, condos: 爱上海同城手机版 新爱上海同城对对碰论坛developers are gobbling up the city s air rights for office projects.

A new report from Tenantwise has found that people are buying more air rights for offices than for residential cond上海同城对对碰交友社区 上海夜网论坛ominiums for the first time in years, according to the New York Post. In 2017, the average pricing for office air 上海贵族宝贝 上海千花网龙凤论坛rights reached $315 per square foot, which was its highest in history.

JPMorgan Chase, for instance, is paying in the $300s for development rights at its Midtown expansion at 270 Park Avenue. Air rights for office developments were cheaper in Hudson Yards last year, however, going for an average of $235 per square foot.

The City Planning Commission unanimousl上海千花网龙凤论坛 上海千花社区y approved selling development rights to West Chelsea property owners for $625 per square foot in February, and The Real Deal estimated in August that selling 3.6 million square feet of air rights could deliver landlords in Midtown East just under $900 million over the next two decades. [NYP] – Eddie Small

Tags: Air Rights, Commercial Real Estate, condo market, office market
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432 Park Avenue

Leaving so soon? Resales abound at 432 Park Resale listings outnumber sponsor units on StreetEasy

432 Park Avenue (Illustration by Lexi Pilgrim for The Real Deal)

Less than a month after the first buyer at 432 Park Avenue closed on an $18.1 million pad in 2015, the unit hit the rental market for $60,000 a month. It reappeared this past January as one of the tower’s first resale listings — priced at $17.499 million, or a roughly $618,000 loss.

In the last six months, 13 resales at Macklowe Properties and CIM Group s supertall have 新爱上海同城对对碰论坛 上海同城对对碰交友社区quietly hit the market, nearly triple the number of sponsor units available, according to listing data from StreetEasy.

Brokers said that although the luxury market has cooled — meaning sellers may not get top dollar — rising inventory on Billionaires Row and lingering uncertainty about the market has made some skittish investors eager to cash out before competition heats up.

“If you look at that particular subset of uber-luxury real estate near the park, you have an onslaught of new development inventory that is coming down the pike,” said Douglas Elliman’s Michael Graves. “If you are an owner seeking to move that asset, now is going to be your best moment to do it.”

As of mid-March, 432 Park had 10 resale listings on the market — more than any other new development condo building, according to CityRealty. (The Baccarat Hotel Residences was a close second with nine resales, followed by 10 Madison Square West with eight.)

Current resale listings at 432 Park range in price from $5.95 million for a one-bedroom to $68.5 million for a combination of two units on the 71st floor. On average, the resales are priced 22 percent higher than the first sale price.

“Everyone’s got their own story,” said Brown Harris Stevens’ Elese Reid, who is marketing the 71st-floor combi上海夜网论坛 上海夜网nation. Her client paid $59.8 million total for the two units in 2016, records show.

The first batch of resales at any new development can be a boon for early buyers if they can capitalize on momentum at the building.

Some early buyers at 15 Central Park West doubled their investments. One57’s first resale handed the seller (who paid $30.55 million in 2014) a nearly $4 million profit.

Walker Tower’s first resale generated a $3 million profit for the seller, Burt Freiman, who paid $5 million in 2013 and reportedly never set foot in the building. He re-sold the pad for $7.775 million.

But new development sales — particularly sales of ultra-luxury pads — have dipped since 2015 amid a flo上海千花网论坛 上海千花网od of competing inventory. The median price during the fourth quarter was $2.7 million, down 7 percent year-over-year, according to Miller Samuel. The number of sales during the quarter was 387, down nearly 30 percent from 2015. And some resales at competing buildings like One57 have traded at a loss since the market began to slow.

432 Park’s first resale — a three-bedroom on the 48th floor — fe上海夜网 阿爱上海同城tched $8.18 million in December, 12.46 percent more than the seller paid[……]

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