Commercial Tenant Services

Auditin上海夜网论坛 上海夜网g firm sues Barclays over alleged rent overcharges at MetLife Building Commercial Tenant Services said Barclays cut a deal with Tishman Speyer behind its back

A Midtown-based firm that audits leases for commercial tenants is suing a subsidiary of Barclays Group, claiming the company is owed more than $1.5 million for identifying millions of dollars上海龙凤论坛 新上海贵族宝贝论坛 in rent overcharges at the MetLife Building.

Commercial Tenant Services filed a lawsuit in New York State Supreme Court Monday saying it conducted audits from 2006 to 2009 for Barclays Services Corporation at Tishman Speyer’s 200 Park Avenue.

Barclays tapped CTS to lo上海龙凤论坛sh1f 上海龙凤论坛ok into its lease signed in 2000, covering the entire fourth, fifth, 27th, 28th and 29th floors; parts of the third and sixth floors; and sect上海千花网龙凤论坛 上海千花社区ions of the lobby, garage and mechanical rooms. The lease had been amended several times, and while there were different commencement dates for the various spaces, they all shared an expiration date of July 31, 2017, the Commercial Observer reported.

CTS said in the lawsuit Barclays was set to owe more than $30 million a year in rent, and that it found overcharges that “if corrected, could save Barclays more than $10 million over the leas term.”

The list of erroneous charges included improper amortization of capital expenses, management fees, accounting adjustments, administrative costs, insurance costs and application of tenant reimbursements, 上海千花网 爱上海同城对对碰as well as inaccurate utilities charges.

But CTS claims it was in the dark when Barclays made a deal with Tishman last year to resolve the disputed charges, allowing the tenant to terminate the lease early. Tishman agreed in March 2015 to give Barclays a $2.5 million reimbursement credit for overpayments from 2005 to 2015, the Commercial Observer reported.

Barclays allegedly failed to inform CTS of the agreement and paid the audit firm a 35 percent fee, or $875,000. CTS, however, claimed the settlement to be “a fraction of the overcharges” it detected, and says it is owed $1.5 million plus interest.

Barclay’s attorney, William Roll of Shearman Sterling, told the news site that he hadn’t seen the lawsuit, but would to decline to comment if he had. CTS attorney Kimo Peluso of Manatt, Phelps Phillips did not respond to requests for comment. [CO] – Rich Bockmann

Tags: 200 park avenue, Barclays
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Paul Ryan Tax Plan

Paul Ryan’s tax plan could cost New Yorkers $68B deduction Scrapping sta上海贵族宝贝交流区 上海贵族宝贝论坛te and local deduction would hit NYC, California residents hard

Paul Ryan and Andrew Cuomo

New Yorkers face a $15 billion net increase in their federal income tax bills if House speaker Paul Ryan’s plan to scrap a key deduction is enacted, according to an estimate by Gov. Andrew Cuomo’s administration.

Ryan has proposed eliminating a rule that allows individuals to deduct state and city taxes, including real estate taxes, from their federal tax bill. The change would affect all 50 states, but would disproportionately hit California and New York because of their large populations and high state and city taxes. New York accounted for 13.2 percent of all deductions claimed in 2013, second only to California (19 percent) and well ahead of New Jersey (5.9 percent) in third place. New Yorkers claimed $68 billion in state and local tax deductions that year.

The proposals under consideration that would repeal or cap 上海贵族宝贝交流区 上海贵族宝贝论坛the deduction for state爱上海同城论坛 爱上海同城 and local taxes would have severe consequences for taxpayers here in New York and across the nation, Cuomo told Congress back in 2013, when House leaders first proposed scrapping the deduction.

Around 34 percent of New Yorkers who filed federal tax r上海千花网论坛 上海千花网eturns in 2014 deducted state and local taxes from their bill, according to the nonpartisan Tax Policy Center.

Taxpayers who file itemized returns would see their tax bill rise by $4,500 on average, according to economists and state officials, New York Upstate reported. According to a Tax Foundation study, Manhattan taxpayers had the highest average deduction for state and local taxes in the nation at $24,652.

Ryan’s爱上海 爱上海同城手机版 plan, published in June, would end the deduction altogether. President-elect Donald Trump, meanwhile, has said he merely wants to make it harder to claim the deduction. He has proposed both raising the minimum deduction taxpayers need to claim to qualify, and adding a $100,000 cap on all deductions for singles and $200,000 for couples.

But other tax cuts could more than make up for the lost deduction, several economists interviewed by New York Upstate said. [UpNY] Konrad Putzier 

Tags: Andrew Cuomo, taxes
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New York Home Prices

NYC home prices picked up steam in March: Case-Shiller Big Apple still lags behind US year-over-year

Home for sale in Midwood, Brooklyn (Credit: Corcoran)

New York’s home prices picked up steam in March after months of weak growth, according to the latest S P CoreLogic Case-Shiller Index.

Home prices in the Big Apple rose by a seasonally adjusted 1.1 percent between February and March (up from 0 percent a month earlier), the second-fastest pace in the U.S. behind only Minneapolis. The index does not include condos and co-ops, meaning it only captures a share of the New York market and serves as more of a bellwether of the suburban market.

On a year-over-year basis New York continues to lag behind the rest of the U.S. with 4.1 percent growth the weakest pace among 20 major cities measured by Case-Shiller. Seattle led the country with 12.3 percent, followed by Dallas with 8.6 percent and Denver with 8.4 percent.

Prices grew by 6 percent year-over-year in Miami and by 5.3 percent in Los Angeles.

“Over the last year, analysts suggested that one factor pushing prices higher was the unusually low inventory of homes for sale. People ar新爱上海同城对对碰论坛 上海同城对对碰交友社区e staying in their homes longer rather than selling and trading up,” said David Blitzer of S P Dow Jones’ index 上海千花网 爱上海同城对对碰committee. “If mortgage rates, currently near 4%, rise further, this could deter more people from selling and keep pressure on inventories and prices.” Konrad Putzier

Tags: case-sh上海龙凤论坛sh1f 上海龙凤论坛iller national home price index, Home Prices, Residential Real Estate 上海贵族宝贝论坛 上海贵族宝贝
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Greenburgh’s Elmwood Country Club sold for $13M

Elmwood 上海同城对对碰交友社区 上海夜网论坛Country Club in Greenburgh has been sold to a New Jersey real estate development 上海夜网论坛 上海夜网firm. The 100-acre club is the second large parcel of Westchester land bought by Ridgewood Real Estate Partners this summer. The Florham Park-based firm bought the vacant Philips Research North America in Briarcliff Manor for $12.2 million in July, and Jonathan Grebow, president and CEO of Ridgewood told the Westchester Business Journal 新爱上海同城对对碰论坛 上海同城对对碰交友社区that they plan to redevelop the 100-acre campus into a residential development. The Elmwood club, previously owned by its members, filed notice with上海千花社区 上海千花网交友 New York State that it would layoff its 76 employees by 上海夜网 阿爱上海同城the end of September. [WBJ]Tags: Westchester Fairfield
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New Canaan home with connection to King George II on market for $5M

A property on the market in New Canaan for $5 million has a rather unusual pedigree, boasting connections to both King George II and President Herbert Hoover, the Stamford Advocate reported. A 15-room Georg爱上海 爱上海同城手机版ian colonial house at 481 Canoe Hill Road was once part of a 16-acre land grant given to Col. James Lockwood for services rendered to the King of England in 1683, according to documentation the homeowner obtained from the New Canaan H上海贵族宝贝 上海千花网龙凤论坛istorical S上海龙凤论坛sh1f 上海龙凤论坛ociety. The listing is 5.5 acres and the curre上海贵族宝贝交流区 上海贵族宝贝论坛nt home is a combination of the original house built in 1839 and another home dating上海贵族宝贝 上海千花网龙凤论坛 from 1920. Current owner Ruth Laird was told that the previous owner was a close friend of President Herbert Hoover, and hosted the president overnight when Hoover attended the wedding of his daughter. Mary Higgins of Halstead Property has the listing. [StamfordAdvocate]

Tags: Westchester Fairfield
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Harry Macklowe

Linda Macklowe has until Friday to take 432 Park pad — or get money back Harry’s estranged wife sued after he filed plans to downsize her pad

Linda Macklowe and renderings of the interior of 432 Park Avenue

Linda Mackowe has until Friday to decide if she wants to close on her $14.4 million pad at 432 Park Avenue — or get her money back.

In September, the estranged wife of Harry Macklowe — who is embroiled in a $2 billion divorce — sued Macklowe Properties and CIM Group, arguing that the developers filed plans to drastically reduce the size of her 78th-floor pad — but were trying to force her to close anyway.

On Tuesday, Judge David Cohen granted a上海千花网论坛 上海千花网 preliminary injunction ordering Macklowe Properties and CIM Group to withdraw those plans if Linda deci爱上海龙凤419桑拿 上海龙凤论坛sh1fdes to purchase the pad. If she chooses not to buy the apartment — which is adjacent to Harry s — the developers must return her $2.16 million deposit.

Adam Leitman Bailey, an attorney for Linda, called the judge s ruling a big win for爱上海同城 爱上海 his client and said he was elated w上海千花网 爱上海同城对对碰ith the decision, which effectively found that the sponsors violated laws pertaining to the Department of Buildings and the New York state Attorney General s office.

But lawyers for the developers characterized the order as one that will force an end to the dispute, meaning Linda will be compelled to close on the unit or not.

We’re gratified that the court is bringing finality to this dispute, said Ron Greenberg, chair of Kramer Levin s real estate litigation group and an attorney for the sponsor.

During the divorce, Linda has indicated she wants to keep the couple s apartment at The Plaza. The Macklowes paid around $60 million for seven contiguous apartments at the iconic hotel in 2007. Linda s legal team 爱上海同城对对碰 爱上海同城论坛has argued the 14,000-square-foot spread is worth $55 million, while Harry s team has said it is worth $107 million.

Tags: Harry Macklowe, macklowe properties, Residential Real Estate
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George Stephanopoulos and Ali Wentworth re

A year after listing their Southampton home for just under $7 million, George Stephanopoulos and Ali Wentworth are giv爱上海龙凤419桑拿 上海龙凤论坛sh1fing the housing market another try, re-listing the Cameron Way property for $5.995 million. The five-bedroom, six-and-a-half bathroom shingle-style ho阿爱上海同城 阿拉爱上海同城use sits on 新上海贵族宝贝论坛 上海贵族宝贝交流区1.47 acres with a pool and tennis court. The actor and her ABC News hosting husband paid $4.5 million for the home in 2013. [Realtor]

Tags: Hamptons
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Keith Rubenstein

How Brookfield went from a potential lender to the owner of a massive Bronx project Developer is taking over Somerset and Chetrit’s site in Mott Haven

Ric Clark, 2401 Third Avenue and 101 Lincoln Avenue (Credit: Brookfield and Hill West Architects)

UPDATED, 3:44 p.m., April 4: When Somerset Partners and the Chet上海千花网龙凤论坛 上海千花社区rit Group were getting started on their massive South Bronx project, Brookfield Property Partners was in talks to be a possible lender. Instead, it’s becoming the owner.

Chetrit and Keith Rubenstein’s Somerset Partners are selling the site of their megaproject to Brookfield for about $165 million, according to sources familiar with the deal. The developers initially spent $58 million acquiring 2401 Third Avenue and 101 Lincoln Avenue along the Mott Haven waterfront, and broke ground on the first phase of the seven-building development last year. Now, they re bowing out.

“It posed a really good opportunity for both sides,” Rubenstein said. “For them to develop a l爱上海 爱上海同城手机版arge-scale property, for us to realize a profit on the land that we bought and studied and worked on for the last couple years.”

Chetrit, the dominant equity partner, and Somerset began the search for as much as $500 million in construction financing last March. If they had been successful, it would have likely been a record for a private development in the borough.

Although a consortium of several lenders was in talks to finance the construction, no term sheets had been signed, sources said.

“Joe and Keith had a wonderful plan for the site, and we had a ton of interest,” said Robert Verrone of Iron Hound Management, which was handling the financing search with Adi Chugh’s Maverick Commercial Properties.

The New York Post first reported on the deal.

Rubenstein told The Re上海夜网 阿爱上海同城al Deal that he and Chetrit had talked to several lenders about making a construction financing deal for the project, including, at one point, Brookfield.

“We did speak to them early on,” Rubenstein said, “but nothing concrete.”

The deal, which is being brokered by a Cushman Wakefield team led by Doug Harmon, Adam Doneger and Adam Spies, is expected to close in June.

Rubenstein has become a prominent investor in the South Bronx over the past few years, helping to open local businesses including the café Filtered Coffee, the Italian restaurant La Grata Pizzeria, and the boxing gym SouthBox. He even relocated Somerset’s offices to the neighborhood’s Bruckner Building at 2417 Third Avenue, where the company signed a five-year lease for 3,000 square feet.

Rubenstein s interest in gentrifying the borough has generated controversy, particularly in 2015 when he threw a star-studded “Bronx is burning”-themed party and put up a billboard welcoming people to the “Piano District,” which residents took as an attempt to rebrand the working-class neighborhood.

Although his flagship proje上海千花网交友 上海千花网论坛ct is now in the hands of another developer, Rubenstein said he remains a believer in the South Bronx.

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Kornland

Landlord sues property management for leasing to illegal pot growers The suit alleges fraud, embezzlement and theft in Van Nuys

Industrial site 15745 Stagg Street (Credit: Max Pixel, Pixabay)

The owner of a large industrial property in Van Nuys has filed a lawsuit against its property management for allegedly defrauding the landlord and leasing the site to illegal marijuana cultivators.

In the lawsuit filed in Superior Court on July 6, Kornland Building claims Kape Property Management and their unlicensed contractor, Francisco Beltran, routinely overbilled the firm for construction and maintenance fixes, later using the extra cash for 爱上海同城对对碰 爱上海同城论坛their “personal piggy bank.”

Kape also allegedly hiked rents of long-term tenants as a way to lure them out, and then leased to unlicensed pot growers, who cultivated marijuana in the 162,000-square-foot industrial site. The illegal growers, the suit claims, were also paying large sums in cash to Kape and Beltran without ever signing leases.

Between 2015 and 2017, Kape paid thousands of dollars to Beltran, also known as “Poncho,” and his fictitious firm, VB Services, according to Kornland. Poncho also became acting manager at the property, negotiating rents and collecting $25,000 security deposit payme上海贵族宝贝论坛 上海贵族宝贝nts in cash without ever meeting with Kornland.

爱上海同城 爱上海Kape, and its owners Allen and Judith Weinstock, who are also named as defendants, were hired to manage the property, found at Stagg and Arminta s新爱上海同城对对碰论坛 上海同城对对碰交友社区treets, in 1999. They were fired and replaced with another property management firm in April.

Kape did not respond to requests for comment. Beltran could not be reached.

Kornland is alleging fraud and embezzlement, and is seeking monetary damages of more than $5 million, according to the complaint. It’s also requesting that the court issue an injunction prohibiting the defendants from collecting more money.

Kape, based in the Mid-Wilshire neighborhood, claims on its website to be one of the largest privately-owned property management firms in Southern California. It offers rent collection, leasing and maintenance services across property classes, including multifamily, commercial, industrial and residential.

Tags: industrial, lawsuits
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