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Thread: 785 Eighth Avenue - 40-story Condo - Theater District - by Ismael Leyva Architects

  1. #1171
    Senior Swanky Peteynyc1's Avatar
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    Sitting empty for 2 years now? What a waste.

  2. #1172

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    The real waste and tragedy is that the pile of crap with boarded up windows will remain next to this tower indefinitely.


  3. #1173

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    The block is ugly we get it. ( no need to keep posting that same photo over and over and over and over... )

  4. #1174
    Disgruntled Optimist lofter1's Avatar
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    AG investigating stalled W. 48th Street condo

    Investigation comes as tower's developers sue to block debt sale

    THE REAL DEAL
    June 08, 2011 02:30PM
    By David Jones

    Attorney General Eric Schneiderman has begun to issue subpoenas in an investigation into the collapse of the Sorrento New York, a 43-story luxury condominium tower where a group of Irish investors allege their deposit funds were misappropriated by the developers, The Real Deal has learned.

    The probe centers on whether developers, which include Esplanade Capital's Jay Eisenstadt, and brothers Kevin and Donal O'Sullivan of Time Square Construction and Navillus Contracting, respectively, improperly co-mingled $17.1 million of deposit funds with operating money at the tower, which is at 306 West 48th Street, before a bulk purchase deal with Ireland-based Sorrento Asset Management, fell apart in 2009, according to sources familiar with the case.

    The lenders, PB Capital and TD Bank, entered a tentative agreement to sell the property's $84 million debt at a discount of at least 10 percent, sources say, and the AG is exploring whether the lenders knew about or at least turned a blind eye to the misappropriation in order to salvage the property after the developers defaulted.

    "The bank is playing it a bit soft, like 'we didn't know [what was going on] and we want to foreclose,'" said an investor familiar with the probe.

    The West 48th Street building is now the subject of a lawsuit filed Monday in the New York state Supreme Court by the developers, who allege a group of Toronto investors led by Eli Dadouch of Firm Capital used confidential information in a deal to buy the debt from the lenders, PB Capital and TD Bank. Manhattan-based broker David Yarden of David Yarden Real Estate was alleged to have arranged the deal with the bank to buy the debt on behalf of the investors.

    Sources say the lenders have shown the building to dozens of investors in New York, in a bid to unload the troubled property.

    Dadouch told The Real Deal that he was contacted by the developers on the property, but had nothing to do with the project, and must have been the subject of mistaken identity. Yarden did not return calls seeking comment.

    As The Real Deal previously reported, PB Capital, the U.S. subsidiary of Germany's Deutsche Postbank, filed suit in 2010 to foreclose on the property after the developers defaulted. The developers had a deal to sell the apartments in bulk to Fuerta Property, a unit of Sorrento, which would then resell the units.

    As part of the deal, BridgeStreet Worldwide, also a unit of Sorrento, would operate part of the property as an extended-stay hotel and Fuerta would resell the condo units. As The Real Deal previously reported, Brown Harris Stevens in April 2009, listed a portfolio of 45 apartments at the building for $61.6 million, based on 33,285 square feet of space. The listing, which was pulled from the market in August 2009, included an optional 15-year lease agreement through BridgeStreet. A similar bulk deal was involved in the collapse of a separate project at 47 East 34th Street that iStar Financial recently foreclosed on and sold the debt to CIM Group.

    Amendments to the condo offering plan filed with the AG's office show that a group of Irish investors signed contracts to buy apartments in the 122-unit building between December 2007 and June 2008, and sources say that some of the buyers made 15 percent down payments, while others paid for their apartments in full.

    After filing suit in 2010, the lenders appointed a receiver to oversee the building, and have brought in numerous investors to the property to sell the debt and mitigate their losses. But, a real estate executive familiar with the project said the lenders have been repeatedly turned down because the building "has too much hair on it."

    Sources say that the buyers have repeatedly demanded an accounting and release of their funds since the foreclosure suits were filed, but the lenders have refused to budge. The AG investigation is looking into at what point the lenders knew that the escrow funds had been compromised and whether or not they knowingly looked the other way.

    TD Bank spokesperson Jennifer Morneau said it was company policy not to discuss legal matters. PB Capital, Esplanade and Time Square Construction officials did not return phone calls asking for comment. And a spokesperson for the AG declined to comment.

    2011 The Real Deal

  5. #1175
    Disgruntled Optimist lofter1's Avatar
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    More bad news at 785 ...

    Sliver tower owner files for Chapter 11

    THE REAL DEAL
    August 04, 2011 09:00AM


    785 Eighth Avenue

    New York City real estate company 785 Partners LLC, owner of 785 Eighth Avenue, has filed for Chapter 11 bankruptcy protection, Bloomberg News reported, citing assets and debt of $100 million to $500 million in documents filed yesterday in U.S. Bankruptcy Court.

    The company's 566-foot glass sliver tower at 48th Street, nicknamed the sliver tower, was co-developed by Esplanade Capital, led by Jay Eisenstadt and David Scharf, and designed by Ismael Leyva Architects.

    The 43-story building has been frozen since last year while an $84 million foreclosure suit wound its way through the courts.

    Investors Donald and Kevin O'Sullivan were named as the guarantors of $84 million in loans for the project, which was scheduled to include extended-stay housing under the BridgeStreet Worldwide hotel brand.

    Last month, The Real Deal reported that Attorney General Eric Schneiderman has begun to issue subpoenas in an investigation into the financial collapse of the tower where the investors alleged their deposit funds were misappropriated by the developers.

    2011 The Real Deal

  6. #1176

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    I wonder if this piece of crap could be razed.

  7. #1177

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    Hate that new Allianz sign


    Fake Plastic Gun
    Last edited by Derek2k3; October 23rd, 2011 at 09:41 PM.

  8. #1178

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    This building sucks, and this block sucks. That concrete wall is moronic. These pri.cks got exactly what they deserve (i.e., a failed bankrupt project).

  9. #1179
    Disgruntled Optimist lofter1's Avatar
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    From this side the PH shows off the singular (teeny + useless?) balcony atop the concrete wall. And what looks to be like a hot tub above it all.

    No doubt everything around looks great from that vantage point. Not to mention those up there don't have to look at this thing.

    Click image for larger version. 

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  10. #1180

    Default Here's what it looks like from that balcony

    Click image for larger version. 

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    August, 2009, before everything folded. At the time, there was a marketing office on the east end of the 8th floor. The balcony is a small, wedge-shaped space that will accommodate several people - first photo. The hot tub on the top level roof (north west side) is for the penthouse - second and third photos. There are also two hot tubs on the lower level roof (east side, not pictured), one for each of the two second-to-top floor apartments.
    Last edited by bill schintler; October 24th, 2011 at 02:27 PM.

  11. #1181
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    I don't understand how a 40-story condo building in the heart of midtown can be considered an asset of less than $100M

  12. #1182
    Build the Tower Verre antinimby's Avatar
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    I don't understand how anyone can sign off on a design that has a 40-story blank wall and think it's okay.


    I mean, look at how atrocious it is.

  13. #1183

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    Quote Originally Posted by Derek2k3 View Post

    Hate that new Allianz sign
    Was Paramount Plaza all that much to look at before, though? I think what gets me most about the sign is how freaking huge it is; you can make it out easily from a blimp flying over MetLife Stadium, if the coverage of yesterday's Jets game is any indication.

  14. #1184

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    That "Rooftop tub"...." wow.

  15. #1185
    Fearless Photog RoldanTTLB's Avatar
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    Based on the shear number of blank walls about that height, it must be easier than we think...

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