Web hits December by The Real Deal

Web hits: The month in review 90 Broad Street

Leonard Steinberg

5Pointz

EB-5

O NLINE

COMMERCIAL SALES OFFICE LEASES RETAIL LEASES

THE CLOSING THE DATA BOOK EVENTS

MAGAZINE

MULTI-MEDIA

Swig loses bid to stop 90 Broad sale JOB BOARD

TIPS

SOUTH FLORIDA

Elad, Silverstein team up on Riverside South project

Swig rejected in bid to stop 90 Broad Street sale By David Jones Developer Kent Swig lost the first round in a lawsuit to block JPMorgan Chase from selling 90 Broad Street, a 393,000-square-foot Lower Manhattan office tower he purchased in 2005. Swig claimed the lender, which controls the entity that owns the building, blindsided him by inking a $126 million deal with Princeton International Kent Swig Properties — without giving him a chance to make a counteroffer. Swig said he learned of the terms of the sale in TRD. Last month, a judge blocked Swig’s request to extend a temporary restraining order, allowing JPMorgan to proceed to a Dec. 22 closing. However, a hearing is scheduled for Dec. 13 to decide whether Swig can stop the sale before it closes. JPMorgan, which declined to comment, said it called in a default on Swig in 2010. “Obviously we’re disappointed,” said attorney Thomas Mullaney, who represents Swig in the case, noting that they plan to present new evidence at the next hearing.

Singer sells $340 million portfolio to Rainbow Estates Group By Katherine Clarke Rainbow Estates Group, a Brooklyn-based investment firm headed by Irving Langer and Leibel Lederman, has purchased a portfolio of multifamily properties in Upper Manhattan owned by landlord Baruch Singer. Sources told TRD that the group paid close to $340 million. With this deal, the under-the-radar Rainbow now controls a large amount of property in Northern Manhattan and Baruch Singer the Bronx. The 84 properties in the Singer portfolio include large swaths of buildings between West 111th and 141st streets. Rainbow took out a $214 million mortgage to finance the transaction, which appears to have closed on Nov. 14, records show. Neither Rainbow nor Singer was available for comment. It’s unclear if a broker was involved in the deal. Massey Knakal’s Robert Shapiro, who brokered a $45 million sale of four Hamilton Heights buildings last month, said the transaction shows that the Northern Manhattan multifamily market is heating up.

118 December 2013 www.TheRealDeal.com

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By Guelda Voien The Elad Group will partner with Larry Silverstein’s Silverstein Properties on a development at Riverside South overlooking the Hudson River. The pair is in contract with the Carlyle Group to buy 1 West End Avenue, which contains 950,000 buildable square feet, for $160 million, a source told TRD. A first-ever collaboration for the two developers, the project will include residential and retail, the source said. The site is one of five that make up Carlyle and Extell Development’s Riverside Center “master development.” The price tag — $168 per buildable square foot — is on the Larry Silverstein, left, and Uri Erez low end for a development site in the area, but that could be because of affordable housing and community space requirements mandated by the city. “We have a number of new and exciting initiatives planned,” a representative for Elad, which is headed by Uri Erez, told TRD. Silverstein did not respond to a request for comment; Carlyle declined to comment.