Every day brings New York City closer to an election that could prove to have major ramifications for real estate, which is responding with a groundswell of its own.
At the start of the week, Jeff Blau and Aby Rosen organized a meeting of prominent developers to support Andrew Cuomo for mayor and oppose Zohran Mamdani, as first reported by The New York Times.
Despite Cuomo’s primary loss to Mamdani, he is seen as a top contender, while incumbent Eric Adams is being pressured to suspend his re-election campaign.
Worth noting: not every real estate figure opposes Mamdani. Affordable housing developers in particular are engaging with his campaign due to his housing-focused agenda.
In the city’s office market, JPMorgan is marketing its 23-story office building at 125 West 55th Street — Avenue of the Americas Plaza — for $270 million, half the asking price from early 2020.
The building is currently half empty, with vacancies concentrated on the higher floors.
The listing price reflects a trend in the Manhattan office market where buildings are still trading at discounts due to high interest rates and the costs of attracting tenants, even as overall leasing activity is recovering.
While Jamie Dimon is looking to dispose of an office building, Meyer Chetrit isn’t willing to let go of assets that could be used in a judgment against him — at least that’s what’s being alleged.
Maverick Real Estate Partners claims Meyer Chetrit is fraudulently shielding assets to evade a $132 million judgement.
A lawsuit filed by Maverick focuses on a debt document between Chetrit and business partner Gadi Ben Hamo, which Maverick claims is a false attempt to remove assets.
Ben Hamo denied the allegations, stating the debt is legitimate and that Maverick is trying to acquire debt at a discount. Ben Hamo is considering a counterclaim.
Finally, Silver Creek Development acquired the lease for the former Ritz-Carlton hotel, rebranded as the Wagner in 2018, in Battery Park City after a three-year bankruptcy process.
The previous owners, Taylor Woods and Howard Wu of Urban Commons, accumulated significant debts and faced multiple legal issues, including charges of fraud and misappropriation of funds.
Woods and Wu were removed from controlling the hotel’s debtor entity and ultimately received no proceeds from the bankruptcy sale, where Silver Creek emerged as the sole bidder.
Read more
Jeff Blau, Aby Rosen orchestrate emergency anti-Mamdani meeting
JPMorgan offers Plaza District office building at big discount
Lenders allege Meyer Chetrit finding new ways to shield assets
