NEW YORK (AP) -- A one-time hotshot manager and investor in the Manhattan real estate market was arrested Wednesday on charges he cheated banks, family members and other victims out of more than $17 million.
Paul Hochfelder was awaiting arraignment Wednesday evening in state Supreme Court on multiples counts of grand larceny, forgery and other charges. If convicted, he faces up to 25 years in prison.
There was no immediate response to a phone message left with Hochfelder's attorney.
Hochfelder, 37, made his name as a founder and chairman of Max Capital Management Corp., once one of the city's largest landlords of commercial property, including the Helmsley building on Park Avenue. In 2003, Mayor Michael Bloomberg appointed him to the city's Latin Media and Entertainment Commission along with luminaries including actors Antonio Banderas and Jimmy Smits.
Thursday, August 28, 2008
Friday, August 22, 2008
Commercial-Mortgage Bond Spreads Soar on Harlem Loan
Aug. 21 (Bloomberg) -- Yields on commercial real estate securities relative to benchmarks rose to near record highs amid concern that Riverton Apartments, a high-rise complex in Manhattan's Harlem neighborhood, will default on a loan.
AAA rated commercial mortgage-backed bonds widened about 37 basis points to 305.57 basis points more than 10-year swap rates during the week ended yesterday according to data from Bank of America Corp. A basis point is 0.01 percentage point.
The gap, or spread, jumped after a trustee report showed payments wouldn't be made by Rockpoint Group LLC and Stellar Management in September on a $225 million loan on the 1,230-unit Riverton. The property was refinanced in December 2006 using optimistic assumptions for anticipated income, a practice that became common as prices reached their peak, said Alan Todd, head of commercial-mortgage backed securities research at JPMorgan Chase & Co.
AAA rated commercial mortgage-backed bonds widened about 37 basis points to 305.57 basis points more than 10-year swap rates during the week ended yesterday according to data from Bank of America Corp. A basis point is 0.01 percentage point.
The gap, or spread, jumped after a trustee report showed payments wouldn't be made by Rockpoint Group LLC and Stellar Management in September on a $225 million loan on the 1,230-unit Riverton. The property was refinanced in December 2006 using optimistic assumptions for anticipated income, a practice that became common as prices reached their peak, said Alan Todd, head of commercial-mortgage backed securities research at JPMorgan Chase & Co.
Monday, August 11, 2008
Developers of new condos work to make home more like a hotel
NEW YORK — Zack Mishkin went all out to impress his girlfriend on the one-year anniversary of their romance.
He treated her to a professional massage in a poolside cabana at their Tempe, Ariz., apartment complex; champagne as they relaxed in a candle-rimmed hot tub; and a gourmet dinner he grilled by the pool. In her apartment, she found chocolate-covered strawberries, more candles, and rose petals forming a giant heart on her bed.
All this was engineered by the concierge staff at the complex, Grigio, one of a burgeoning number of places around the United States that aim to provide the convenience of home and the comforts of a hotel.
He treated her to a professional massage in a poolside cabana at their Tempe, Ariz., apartment complex; champagne as they relaxed in a candle-rimmed hot tub; and a gourmet dinner he grilled by the pool. In her apartment, she found chocolate-covered strawberries, more candles, and rose petals forming a giant heart on her bed.
All this was engineered by the concierge staff at the complex, Grigio, one of a burgeoning number of places around the United States that aim to provide the convenience of home and the comforts of a hotel.
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