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Old November 23rd, 2009, 12:23 PM   #161
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grrr why bring up thread because of this. When I clicked on thread I had my finger crossed that they got financing, but all I got is a gd video. I want this building so bad in Manhattan
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Old November 23rd, 2009, 06:42 PM   #162
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IMO it doesnt fit in at all.. id rather not see it built.

in fact, id prefer a "boring" glass skyscraper over this.
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Old November 24th, 2009, 12:54 AM   #163
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This has to be the most stunning skyscraper for New York alongside Beekman and MoMa. Amazing to see that this generation of architects is still able to produce timeless classics (I think so at least) like in the first half of the previous century.
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Old February 12th, 2010, 01:43 PM   #164
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NEWS!

http://www.nypost.com/p/news/busines...X14lH3Xr9MCM/0

Whatever happened to downtown Manhattan?

By MAX GROSS
February 11, 2010

Quote:
f you were walking along lower West Broadway recently, you might have noticed the handsome, gold-colored structure at the southwest corner of Leonard Street.

The building, 34 Leonard, looks ready and waiting for buyers. There’s no tarp draped over the side nor scaffolding along its edges. Ads in the ground-floor windows list the phone number for the sales office and a Web site (34leonard.com). But the number is disconnected. And the Web site is “under construction.”

Two years ago, 34 Leonard, a new luxury co-op, was one of TriBeCa’s heavies (a penthouse was listed for $8.45 million). But last summer, the developer defaulted on loans. The building was foreclosed on. Now, its fate is up in the air. (Attorney Stuart Shorenstein, now handling the property, declined to tell us the plans, and iStar Financial, the lender who initiated the foreclosure, never got back to us.)
If you were wondering whatever happened to downtown Manhattan, you’re not alone. We’ve been wondering, too.

There was a time when TriBeCa and neighboring SoHo were considered invulnerable to the whims of the market. Because land was so scarce, and the areas were so desirable, a luxury building — any luxury building — was going to prosper. And for a while, that seemed to hold true.

Certain properties were priced at $4,000 per square foot — or more — out of the gate in 2008. Even in the first quarter of 2009, according to appraisal firm Miller Samuel, condos in TriBeCa and SoHo averaged a sky-high $1,553 per square foot.

But nothing was immune to the recession, not even in these nabes. Some buildings weathered it fairly well, while others stalled. And prices deflated. By the third quarter of 2009, prices were down 20 percent.
Quote:
One casualty was 56 Leonard. The building was supposed to be the architectural marvel of TriBeCa. The developer Alexico hired Swiss firm Herzog & de Meuron to design a 60-story glass tower, which would feature a $5,300-per-square-foot penthouse. But then the condo project lost its financing and had to return deposits.

“That was heartbreaking,” says broker Leonard Steinberg of Prudential Douglas Elliman, who specializes in downtown properties. “I still have a model of it in my office. Hopefully, when the money comes back, that building will come back.”

“We’re not dead yet,” insists Alexico president Izak Senbahar. “There’s no real financing for big projects out there — but it will change.”

Senbahar predicts construction to resume on 56 Leonard within the next year. “I’m going to build it the way it is,” he says. “I’m bummed by the fact that it’s not being built now, but I think it’s a future landmark.”
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Old February 12th, 2010, 01:44 PM   #165
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i'm really glad this project is still alive, they just need to secure the financing. it's the same situation with 99 church street.
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Old February 12th, 2010, 02:25 PM   #166
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recent pics taken by Derek2k3, WNY

image hosted on flickr


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Old February 13th, 2010, 12:37 AM   #167
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Well, it's some news but it doesn't 'wow' me or anything.
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Old February 13th, 2010, 02:54 PM   #168
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Originally Posted by Ni3lS View Post
Well, it's some news but it doesn't 'wow' me or anything.
yeah, me too. i'm just glad it's not dead.
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Old March 26th, 2010, 06:36 PM   #169
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Yes, at least there is a chance for it to be built.
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Old June 1st, 2010, 02:16 PM   #170
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Originally Posted by Blue Flame View Post
Yes, at least there is a chance for it to be built.
of course there is, everything is ready ... they are just waiting for financing.

pic taken by Gulcrapek, WNY
may 30th


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Old June 1st, 2010, 02:58 PM   #171
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Yes, at least there is a chance for it to be built.
There is more than a chance. This tower will be built. Demand for high-end condos in NY is rising rapidly.
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Old June 1st, 2010, 10:18 PM   #172
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I hope you are right!
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Old July 28th, 2011, 03:14 AM   #173
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Developer Bankrupt

Hotel Developer Must Check Out

Quote:
By CRAIG KARMIN APRIL 5, 2011

A leading Manhattan condo and hotel developer has lost control of two Midtown luxury hotels following a ruling by a New York state Supreme Court judge.

In a foreclosure proceeding last month, Judge Joan Madden appointed a receiver for the Flatotel and the Alex Hotel, which have been run by Alexico Group. In her ruling, she noted that while Alexico failed to pay the hotels' mortgage payments or real-estate taxes for two years, the developer's principals paid themselves $570,000 in management fees.

At the same time, the judge's ruling said that the principals, Izak Senbahar and Simon Elias, transferred hotel funds to various affiliated properties. That includes their flagship property, the newly renovated Mark Hotel on the Upper East Side, which has been struggling to sell co-op apartments as part of a conversion plan. Overall they transferred $3.4 million from hotel funds to affiliated properties and themselves in management fees, the ruling states.

The troubles at the Alex and Flatotel are the latest and most serious setback for the partners. Messrs. Senbahar and Elias were rising stars when the property market was surging, building lavish hotels and luxury condominiums that attracted a fashionable, international crowd. But they have toiled to keep some of their investments afloat since the downturn hit.

The receiver was appointed as part of a foreclosure action against the two hotels that was filed last year by a group of creditors that purchased debt on the Flatotel and Alex with a face value of some $285 million. The members of that group—Atlas Capital Group, Rockpoint Group and Procaccianti Group—purchased the debt from Anglo Irish Bank.

The group alleged in court papers that Alexico and its principals were required to pay debt service and taxes before management fees. They also said that Alexico wasn't entitled to transfer money from the hotels to the company's other properties. Messrs. Senbahar and Elias and their lawyer didn't respond to requests for comment.

Alexico argued in its court papers that Anglo Irish had consented to the transfers between affiliated properties. There were "multiple agreements" that the hotels could use funds "interchangeably," Alexico's papers state. Anglo Irish denied this in its court papers. The bank didn't respond to requests for comment.

Judge Madden said she based her decision to appoint a receiver partly on a 75-page report prepared for the court by a hotel management expert. While the report wasn't released, Judge Madden's ruling says it identified "numerous deficiencies which established a pattern of mismanagement."

Born in Istanbul in 1959, Mr. Senbahar received a master's degree in finance from New York University. He was a gold trader before becoming a Manhattan property developer. He met Mr. Elias, a hotel developer, at a gym, according to a 2008 press report about the team.

Since forming Alexico, the partners have worked with designers like David Rockwell, architects including Herzog & de Meuron and restaurateurs like Jean-Georges Vongerichten. Anglo Irish and other lenders lined up to finance their stylish projects.

While some developers offered discounts to lure bold-faced names to their buildings to generate buzz, Mr. Senbahar refused Leonardo DiCaprio's request for 20% off a Richard Meier-designed condo on Charles Street. "I said, 'I don't think so.' We don't need gimmicks," Mr. Senbahar told The Wall Street Journal in 2005.

In 2006, the developer and Dune Real Estate Partners teamed up on a project in TriBeCa, buying the New York Law School's library and air rights for $136.5 million. They had planned to build a residential tower there but construction stalled when financing dried up and work hasn't progressed.

Alexico's most high-profile deal has been the conversion of the Mark Hotel into a co-op. The developers initially planned to raise $308 million by converting 42 units into luxury co-ops. So far they've only sold two units for $15.7 million, according to public property records.

Last month, Dune prevailed in a bidding process to buy the Mark's debt. Dune plans to keep the developers on, say people familiar with the matter.

The Flatotel and Alex Hotel together lost about $20 million during the past two years, even without paying loans or real-estate taxes, according to creditors' court papers. The creditor group claims that the Alex owes it $107 million, including principal and missed interest payments, and the Flatotel owes $209 million.

The creditors said in court papers that the financial statements on the hotels "were unaudited and do not comply with basic accounting principles" even though the statements included audit fees of $3,000 a month for each hotel in 2009 and 2010. An accountant for the hotels responded in court papers that the books and records are "reliable, accurate and appropriate."

The creditors said in court papers that the transfer of funds among the properties appears on the books of the hotels. For example, the Mark owed the Flatotel $793,838 as of last August and the Grand Beekman, the developers' East Side condo, owed the Alex $4.3 million, court documents say.

While Alexico argues that Anglo Irish consented to the transfers, Anglo Irish denies that it ever agreed to them, according to an affidavit from Anglo Irish representative Paul Brophy.

Earlier this year, Alexico filed a $1 billion lawsuit against Anglo Irish in New York state court alleging that the bank's sale of the Alex and Flatotel loans was a breach of contract. Anglo Irish has denied the allegations and moved to dismiss the complaint.

---
Alexico is the group behind the 56 Leonard St. development. Interestingly, Anglo-Irish Bank is implicated yet again in another failed development. Final sale and disposition of its US seized or foreclosed assets is currently underway. Could the 56 Leonard property find a buyer willing to build this innovative design? Stay tuned....
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Old July 28th, 2011, 04:28 AM   #174
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wasnt anglo irish the bank that seized the chicago spire land?
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Old July 28th, 2011, 04:50 AM   #175
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wasnt anglo irish the bank that seized the chicago spire land?
The one and the same. All those foreclosed assets are for sale and a new owner could opt to build whatever they like or resell the lots. It's estimated that Anglo-Irish owns $10 billion of assets in the US.
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Old July 28th, 2011, 05:09 AM   #176
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The design was busted anyway. Who wants to join forces with me and buy the land?
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Old July 28th, 2011, 06:45 AM   #177
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I'll pitch in a few dollars
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Old July 28th, 2011, 06:51 AM   #178
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I CAN SPARE A FEW CENTS
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Old July 28th, 2011, 06:53 AM   #179
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Lol we'll need a new Architect. If only I had the money.
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Last edited by kingsc; July 28th, 2011 at 07:19 PM.
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Old July 28th, 2011, 06:32 PM   #180
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I have some spare wood in my garage...
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