Office Property

Westchester County developer DeNardo Capital filed for Chapter 11 bankruptcy Tuesday, stopping a planned foreclosure auction on its luxury condo project. based SilverPoint Capital was planning a UCC foreclosure sale on interests in the Marker 27 project in Irvington, New York. Irvington, New York-based DeNardo Capital Management’s bankruptcy filing said it had between $10 million and $50 million in assets and liabilities. For example, the owner of the Tillary Hotel in downtown Brooklyn filed for Chapter 11 in December the same day that a UCC foreclosure sale was planned.

A virtual uniform commercial code (UCC) foreclosure auction that was scheduled to take place today on a luxury condominium development site in Westchester County has been staved off by a Chapter 11 bankruptcy filing by the developer, Commercial Observer has learned. Greenwich, Conn.-based lender Silver Point Capital initiated the UCC foreclosure on just over $1 million in debt that was provided in 2018 to developer DeNardo Capital Corp. on a now-stalled 252,700-square-foot development site geared to host a condo project called Marker 27. The petition was made in the U. S. Bankruptcy Court in the Southern District of New York under two LLCs — DeNardo Capital Management and DeNardo Capital Management II — and was put forth by Dawn Kirby, a well-known bankruptcy attorney with Westchester-based firm Kirby, Aisner & Curley. The virtual auction had initially been scheduled for Dec. 17, 2020, but sources said DeNardo officials complained that the marketing time period in the run up to the auction wasn’t commercially reasonable, and Silver Point pushed it back to Feb. 18 to allow more time.

UPDATED, Feb. 10, 9:50 a.m.: The developer of a planned Aman hotel and condo again secured approval from the Miami Beach Historic Preservation Board, after reducing the project’s height and making other modifications. Billionaires Vlad Doronin and Len Blavatnik want to build the first Aman-branded development in South Florida at 3425 Collins Avenue, on a site that includes the historic Versailles building. Doronin first sought approval for a height increase to 250 feet in July, a move that attracted significant opposition, including from the billionaire residents of the adjacent Faena House condo tower at 3315 Collins Avenue. The latest plans garnered support on Tuesday from Faena House unit owners Thomas Stern and Paul Cejas, who previously opposed plans, as well as from Design District developer Craig Robins.

Nicholas Stein, Sentinel’s managing director, said the five-story property fits in with the firm’s overall strategy of targeting “high-quality, walkable suburban housing with access to strong employment centers. The Norwalk deal is part of the $382 million in sales that New York-based Rosewood brokered outside of the state this year, including properties in Georgia, Texas and Maryland. Rosewood launched its national brokerage division earlier this year in response to New York state’s new rent regulations. But as multifamily deals have slowed down in New York — both because of the rent regulations and the pandemic — out-of-state transactions are now a major part of the firm’s business, Jungreis said.

Hilda Maria Bacardi, the great, great-granddaughter of Bacardi founder Facundo Bacardí Massó, sold the Cocoplum estate to Anthony two years ago. John Parsiani of Cervera Real Estate and Anamaria Velasquex of Nexxos Realty are listing the estate on behalf of the American-born Puerto Rican artist and producer. Sales of luxury waterfront homes in Coral Gables, including the gated Cocoplum and Gables Estates communities, have surged since March, led by Pharrell Williams’ $30 million purchase of the mansion at 700 Casuarina Concourse. Last month, White Oak Global Advisors co-founder Andre Hakkak and theBalm Cosmetics founder and CEO Marissa Shipman paid nearly $14 million for a non-waterfront home in Gables Estates.

Sapir Corp has named former Elad U. S. Holding CFO Sharon Raz as its next CEO, the development firm announced Monday. Sharon Raz is a seasoned leader with just the right experience to lead the company, and we are thrilled that the board has approved her appointment,” said Alex Sapir, the firm’s chairman, in a statement. According to a filing on the Tel Aviv Stock Exchange, Raz’s base salary will be $300,000, a 20 percent increase from her predecessor’s reported pay — which Sapir said at the time had been reduced because of the pandemic. Sapir Corp owns the NoMo Soho hotel at 9 Crosby Street in New York City, the Arte luxury condo building in Miami’s Surfside and a pair of development sites in New York and Miami that it is marketing for sale.

The home at 8 East 63rd Street is now asking $30 million, down from $31.5 million in 2018, the New York Post reported. The 25-foot-wide townhouse was built in 1878 as a single-family residence for Joseph Hodges Choate, a lawyer and U. S. diplomat. It spans 10,000 square feet but at some point was divided between two units and ground-floor commercial space. It may cost a hefty sum to turn the property back into a single-family residence, but it retains many historic details that are in good shape, including moldings, herringbone floors and a formal central staircase.

A century-old dining concept is being resurrected in the New York metro area, as restaurant owners struggle for customers amid the continued coronavirus restrictions. Automat Kitchen in Jersey City and Brooklyn Dumpling Shop — in Manhattan — are updating the automat, in which meals are served to customers via vending machine-like lockers, according to the Wall Street Journal. Brooklyn Dumpling Shop proprietor Stratis Morfogen installed automatic sanitation mists and germ-killing ultraviolet lights in the food cubbies, he told the Journal. While Automat Kitchen will employ a handful of kitchen staff to make food, Brooklyn Dumpling Shop’s kitchen is operated by robots supervised by one or two employees.

We would view a Trump win as a net benefit for non-gateway markets, especially in the Sun Belt (red states), given Trump’s reluctance to provide federal funding to coastal, gateway As such, Mizuho’s “Trump Basket” includes companies concentrated in non-gateway, Sun Belt markets like Houston multifamily REIT Camden Property Trust, Dallas single-family rental giant Invitation Homes and office REIT Highwoods Properties, based in Raleigh, North Carolina. Another type of REIT that stands to gain from a Trump win is office landlords with government and defense tenants like Maryland’s Corporate Office Properties Trust, which mainly owns office buildings in Washington, D. C. “ Also at stake in the election is the fate of the Affordable Care Act, which could have an impact on health care REITs such as Birmingham, Alabama-based Medical Properties Trust, which owns hospitals in 34 U. S. states as well as six European countries and Australia.

In an interview with The Real Deal, founder and CEO Matt Ehrlichman defended Porch’s finances after an IPO filing revealed $263 million in cumulative losses as well as liquidity concerns. The company has been losing money each year, with $49.9 million in losses in 2018 and $103.3 million in 2019, according to the IPO filing. It outlined other revenue opportunities, including mover marketing ($200 million), insurance expansion ($400 million) and new home services ($400 million). Porch is tracking 150 companies for potential M&A opportunities, and Ehrlichman said it is “deep in the negotiation phase” with seven firms representing $180 million in annual revenue.