(Reuters) - Lehman Brothers Holdings Inc (LEHMQ.PK), the bankrupt investment bank, has sued a New York city real estate developer for more than $350 million, claiming the developer defaulted on loans for two buildings in downtown Manhattan, according to court documents.
Lehman filed two separate lawsuits on the matter in New York State Supreme Court on Thursday.
The bank alleges that Swig Equities, run by developer Kent Swig, has defaulted on loans made for buildings at 25 Broad St. and 45 Broad St. -- former Wall Street skyscrapers converted into residential and commercial spaces.
Monday, January 26, 2009
Saturday, January 24, 2009
Fordham Seeks to Build on Manhattan Campus
For more than a decade, Fordham University officials have been trying to figure out how to address overcrowding at their Manhattan campus and fill the coffers of their relatively small endowment. They thought the answers to both could be found in one of their most valuable assets: their Manhattan real estate.
So for four years, Fordham officials have been trying to win support from community groups and city officials for plans to turn their four-building site into a far denser 12-building campus in the same space between Amsterdam and Columbus Avenues and 60th and 62nd Streets. Fordham uses the site for various graduate programs and has a larger campus in the Bronx.
So for four years, Fordham officials have been trying to win support from community groups and city officials for plans to turn their four-building site into a far denser 12-building campus in the same space between Amsterdam and Columbus Avenues and 60th and 62nd Streets. Fordham uses the site for various graduate programs and has a larger campus in the Bronx.
Thursday, January 22, 2009
NYC average sales price drops 10%
The Real Estate Board of New York, the largest trade group in New York City, reported today that the average sales price for cooperatives, condominiums and single-family to three-family homes across the five boroughs dipped 10 percent in the fourth quarter compared to the same quarter last year.
The average sales price of New York City apartments -- including co-ops and condos -- dipped 4 percent year-over-year in the fourth quarter, while the average price of single-family, two-family and three-family homes dropped 13 percent to $548,000 and the average sales price of co-ops rose 10 percent to $602,000, according to REBNY.
The average sales price for all residential dwellings in Manhattan, meanwhile, rose 6 percent in the fourth quarter compared to the same quarter last year.
The average sales price of New York City apartments -- including co-ops and condos -- dipped 4 percent year-over-year in the fourth quarter, while the average price of single-family, two-family and three-family homes dropped 13 percent to $548,000 and the average sales price of co-ops rose 10 percent to $602,000, according to REBNY.
The average sales price for all residential dwellings in Manhattan, meanwhile, rose 6 percent in the fourth quarter compared to the same quarter last year.
Tuesday, January 20, 2009
For the Maid, a $1.55 Million Room
THE bull market for Manhattan real estate is alive and well, at least for that unusual and hard-to-find accommodation, the lowly maid’s room.
Property records show that a 448-square-foot staff studio, or maid’s room, facing an inner courtyard at 15 Central Park West sold for $1.55 million in December. That is close to the average price paid for a two-bedroom apartment in Manhattan in the fourth quarter of last year, according to figures compiled by Prudential Douglas Elliman.
The sales contract was signed in mid-November, as automakers were seeking a federal bailout and economists were worrying that consumer spending had all but come to a halt.
Property records show that a 448-square-foot staff studio, or maid’s room, facing an inner courtyard at 15 Central Park West sold for $1.55 million in December. That is close to the average price paid for a two-bedroom apartment in Manhattan in the fourth quarter of last year, according to figures compiled by Prudential Douglas Elliman.
The sales contract was signed in mid-November, as automakers were seeking a federal bailout and economists were worrying that consumer spending had all but come to a halt.
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New York City 2010
