NEW YORK (Reuters) - A project director who helped broker the 2005 sale of Riverside South Properties, one of New York City's largest real estate transactions, has pleaded guilty to a tax evasion charge but is not expected to face prison time.
U.S.
Barry Gross, 46, on Wednesday admitted to failing to file unincorporated business taxes, a Class A misdemeanor, the office of Manhattan District Attorney Robert Morgenthau said.
The Lawrence, New York resident will be sentenced on February 16, 2010 to a conditional discharge if he pays an estimated $119,000 to $135,000 of state and city taxes, interest and penalties on his $1 million bonus for the transaction.
Prosecutors said Gross had disguised the bonus as a fee made payable to a shell company he controlled, Itamar Capital.
A condition of the plea is that a Hong Kong finder involved in the transaction pay $5 million in state and city taxes on a $17.5 million finder's fee.
Benjamin Brafman, a lawyer representing Gross, did not immediately return a call seeking comment.
Saturday, January 9, 2010
Thursday, January 7, 2010
Manhattan’s Apartment Market Stabilizes
EW YORK CITY-As a gauge of the multifamily sector’s health, a trio of new reports on Manhattan apartment-unit sales offer some encouraging indicators and dovetail with a recent report on the island’s rental market and Real Capital Analytics data on apartment property transactions nationwide. The fourth-quarter 2009 Prudential Douglas Elliman Manhattan Market Overview shows volume up 10.9% over the prior quarter, while both Brown Harris Stevens Residential Sales and the Corcoran Group say Q4 closings showed a year-over-year gain. Inventory levels have also dropped, says the Douglas Elliman report, which is prepared by Miller Samuel.
“This quarter, there is reason to be hopeful that the significant devaluation we have tracked since the demise of Lehman Brothers is coming to an end,” writes Corcoran CEO Pamela Liebman in her firm’s report, prepared in partnership with PropertyShark.com. Although Q4 prices ebbed on both a year-over-year and quarter-over-quarter basis, “the rate of decline has slowed,” says Hall F. Willkie, president of Brown Harris Stevens, in a release.
“This quarter, there is reason to be hopeful that the significant devaluation we have tracked since the demise of Lehman Brothers is coming to an end,” writes Corcoran CEO Pamela Liebman in her firm’s report, prepared in partnership with PropertyShark.com. Although Q4 prices ebbed on both a year-over-year and quarter-over-quarter basis, “the rate of decline has slowed,” says Hall F. Willkie, president of Brown Harris Stevens, in a release.
Tuesday, January 5, 2010
the manhattan bleeding slow!
The aughts are in the past, but it's not time to close the book on one of the craziest decades in New York City real estate history quite yet. The major brokerages have issued their fourth-quarter Manhattan sales reports, and at first, things look predictable: Elliman, Corcoran and sibling brokerages Halstead and Brown Harris Stevens all pegged the average price of a Manhattan apartment at around $1.3 million, and the median price at around $800,000, both down from last year. But the pace of the market's free fall in the wake of Wall Street's apocalypse has slowed, according to the brokerages, when comparing those numbers to the third quarter of '09. In fact, Halstead/BHS even showed increases in average and median sales prices in Q4 when compared to the prior quarter. We certainly didn't see that one coming. Other encouraging signs for our frienemies in suits: All of the brokerages reported increases in sales over both last year and last quarter. In essence, when compared to recent market history, the fourth quarter saw more sales for less money. A stabilization, or a plateau before a double-dip? That's the $64,000 question, which, by the way, still won't buy you anything on this dastardly island
Sunday, January 3, 2010
What NYC Real Estate Can $1.2M Buy?
With a budget of $1.2 million, space and amenities are on the increase as we continue our search of properties currently on the market in New York City. NY1's Shazia Khan filed the following report.
As we continue to house hunt across the five boroughs, our first stop is in the Riverdale section of the Bronx.
664 West 232 Street
Riverdale, Bronx
One of six red brick Georgian style townhouses, this property offers a good deal of space with modern amenities.
"This house is huge. It's 3,664 square feet and its arrayed over five floors," said Brad Trebach of Trebach Realty.
As we continue to house hunt across the five boroughs, our first stop is in the Riverdale section of the Bronx.
664 West 232 Street
Riverdale, Bronx
One of six red brick Georgian style townhouses, this property offers a good deal of space with modern amenities.
"This house is huge. It's 3,664 square feet and its arrayed over five floors," said Brad Trebach of Trebach Realty.
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New York City 2010
