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  #21  
Old Posted Aug 4, 2020, 6:01 PM
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Originally Posted by JMKeynes View Post
I'd absolutely love to see a Stern here.
Stern would be perfect, and looking at the success of both 220 CPS and 520 Park, a probable bet.









https://www.loopnet.com/Listing/625-...k-NY/14627305/








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  #22  
Old Posted Aug 4, 2020, 6:14 PM
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"[Mr. Holliday], tear down this wall [of crap]!"



Last edited by JMKeynes; Aug 4, 2020 at 6:40 PM.
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  #23  
Old Posted Oct 11, 2020, 11:21 AM
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I conducted more research on this site and haven’t seen anything which indicates that Ashkenazy wants to redevelop. They’d be meshuganeh not to though.
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  #24  
Old Posted Oct 12, 2020, 3:07 AM
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This is about as prime a location as it gets. Would be perfect for a soaring residential supertall, with large retail base, and maybe a small superluxury hotel.
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  #25  
Old Posted Oct 12, 2020, 3:19 AM
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This is about as prime a location as it gets. Would be perfect for a soaring residential supertall, with large retail base, and maybe a small superluxury hotel.
I agree, but I haven’t seen anything to suggest that Ashkenazy is on board.

Last edited by JMKeynes; Oct 12, 2020 at 3:35 AM.
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  #26  
Old Posted Oct 12, 2020, 7:53 AM
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Anyone remember the Costas Kondylis design for 99 Church? It's unavailable online but a real art deco stunner, supercool crown.

Build it here.
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  #27  
Old Posted Oct 12, 2020, 5:51 PM
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Something with a crown would be great here. Stern would be a safe bet for a residential. As sure as it gets in Manhattan, particularly the high end.
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  #28  
Old Posted Feb 24, 2021, 2:05 PM
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There’s an article about this on today’s issue of Therealdeal.com.

https://therealdeal.com/2021/02/23/s...avenue-office/

Does anyone have a subscription?
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  #29  
Old Posted Feb 24, 2021, 8:17 PM
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There’s an article about this on today’s issue of Therealdeal.com.

https://therealdeal.com/2021/02/23/s...avenue-office/

Does anyone have a subscription?

Here's another version of the story...


https://qualityconstructionalliance....adison-avenue/

SL Green, Ben Ashkenazy Wrestle Over 625 Madison Avenue





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Two of New York’s smartest real estate chess players are trying to overturn each other’s billions of dollars in control of Midtown’s office assets.

SL Green Realty and Ben Ashkenazy have been on a collision course in the last few years, which is expected to peak in 16 months, when the company is expected to make an astronomical increase in rents for SL Green’s 625 Madison Avenue land lease.

The REIT, led by Marc Holliday, has some bargaining power: The company recently acquired a piece of debt that Ashkenazy borrowed against the ground below Madison Avenue, The Real Deal said, giving SL Green influence over its landlord. Court records show Ashkenazy was lagging behind in payments, and a judge ordered him in January to raise more than $ 20 million.

But Ashkenazy – who went through an increase in rents at Barney’s Madison Avenue, which sent the company bankrupt, and threatened “Going for nuclear energy” in the family that owns the Century 21 department store – is still in the driver’s seat when it comes to resetting rents next year.
Quote:
In documents filed with a Manhattan state court, Ashkenazy Acquisition lawyers accuse SL Green’s “real estate monster” of standing out of the way of aggressively leaning on a debtor over the $ 20 million – an attempt, the company says, to gain influence. about rent.

“It should be reasonably clear,” Ashkenazy’s lawyers wrote earlier this month in their appeal to the January decision, “that something else is going on. [this] behaviour.”

Representatives of SL Green and Ashkenazy declined to comment.

The two investors first took off in 2014, when Ashkenazy bought land under the SL Green building – the main office building one block from Central Park – for $ 400 million.

The purchase price raised an eyebrow. SL Green paid only $ 4.6 million in rent per year, which is hardly a number that would justify such a high valuation. But Ashkenazy was looking forward to July 1, 2022, when land rent was to be renewed.
Quote:
Marketing materials for the property estimated that the land rent could reach up to $ 50 million. But Ashkenazy Michael Alpert, estimating in 2016 that the property was worth $ 1.4 billion, said the rent could reach $ 80 million.

But SL Green eventually found a way to gain leverage over his landlord.

When Ashkenzy bought the land in 2014, he financed the purchase with a $ 195 million mezzanine loan from the British Children’s Investment Fund.

One of the loan provisions required Ashkenazy to repay a debt of $ 40 million by November 2018. But when the deadline came, he repaid only $ 30 million, leading to a default that required him to repay not only the remaining $ 10 million but more An additional 10 million.

At some point – it is not entirely clear when – SL Green obtained part of Ashkenazy’s debt from the Children’s Investment Fund, a source for TRD confirming its knowledge of the situation. The terms of the purchase are not public, but one debt expert speculated that SL Green had paid a premium due to his position with Ashkenaza.

In March last year, the Children’s Investment Fund filed a lawsuit to force Ashkenazy to pay the $ 20 million he said he owed. SL Green, which provides credit services, Green Loan Services, is listed as a party to the proceedings as a special administrator and the case is handled by REIT lawyers at Fried, Frank, Harris, Shriver & Jacobson.

In January, a judge in the case ordered Ashkenazy to pay $ 20 million plus another $ 4 million in interest. Ashkenazy appealed against the decision, challenging the full amount of interest due.
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  #30  
Old Posted Nov 20, 2021, 1:56 PM
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This site could easily accommodate a 1,200’ to 1,400’ condo hotel. They’d need to go high since the GM Building is 700’ tall.
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  #31  
Old Posted Nov 20, 2021, 2:23 PM
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Yeah, this would be ideal for an ultraluxury residential-hotel supertall. Perfect location.
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  #32  
Old Posted Nov 21, 2021, 10:16 PM
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Hopefully, SLG and Ashkenzy will resolve their differences soon and build a tall palace. The iron is hot for striking.



https://nypost.com/2021/11/20/luxury...t-side-in-nyc/
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  #33  
Old Posted Nov 22, 2021, 12:05 AM
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This site could easily accommodate a 1,200’ to 1,400’ condo hotel. They’d need to go high since the GM Building is 700’ tall.
Oh yeah. I like that so dang good.
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  #34  
Old Posted Dec 9, 2021, 3:08 PM
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Is this site including in the Midtown East rezoning? If so, could a new tower also include residential or must it be all office?
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  #35  
Old Posted Dec 9, 2021, 8:46 PM
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Is this site including in the Midtown East rezoning? If so, could a new tower also include residential or must it be all office?


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  #36  
Old Posted Dec 6, 2022, 2:10 AM
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https://www.zonebourse.com/amp/cours...Call-42481379/

Transcript : SL Green Realty Corp. - Special Call

Presenter Speech
Harrison Sitomer


Quote:
.....We have 8 buildings, which are under redevelopment.

625 Madison is well located for new construction or a change of use. We expect to finalize the ongoing ground rent arbitration early next year and then evaluate the site for a variety of possible strategies. We have 29,000 square feet of office space at 185 Broadway, which is the office portion of the combined resi office tower 7 Day Street. This newly constructed residential tower is well leased and will be marketed for sale earlier in the year.

The majority of 750 Third Avenue is currently vacant, and the building mid-rise and tower floors or shallow center core design, which, as you heard from Basha, make them ideal for residential conversion. Consequently, this building too is a sales candidate. At 2 Herald Square, we expect [ WeWork ] to surrender its 184,000 square foot lease and pay us the full amount of its security deposits and corporate guarantee. Thankfully, this now ends our limited exposure to [ WeWork ] because the building has uniquely shallow floors with many windows. We expect to convert the space for either residential or extended status or possibly expand the existing dormitory use that is already there.

And as Harry covered earlier, 245 Park Avenue, undergoing exciting redevelopment program, which is already generating inbound tenant inquiries. And then another of our recent acquisitions 450 Park Avenue, we have a plan to renovate the existing lobby and install luxury tenant-only wellness facility, which I think will set a new high-end standard for this type of building amenity. We're in active dialogue with several full-floor tenants and hope for some early day success.
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  #37  
Old Posted Dec 6, 2022, 2:28 AM
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If they build a hotel/condo, how tall might it be? I assume very unless this area falls within the UES historic district or some entity that imposes height restrictions.

I’d also like to see 635 Madison get redeveloped.
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  #38  
Old Posted Jun 9, 2023, 6:45 PM
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  #39  
Old Posted Jun 9, 2023, 7:01 PM
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^^^^

SL Green moves to push Ashkenazy out of 625 Madison
Ongoing feud could end in foreclosure


Quote:
Ben Ashkenazy got his rent hike at 625 Madison Avenue. But he may not be able to enjoy it for very long.

In one of Manhattan real estate’s most ruthless ongoing feuds, SL Green is ready to foreclose on Ashekanzy’s interest in the ground underneath the Plaza District office building, which sits between East 58th and 59th Streets a block away from Central Park. The move comes after an arbitrator in April gave Ashkenazy the go-ahead to raise the rent on his ground lease with SLG from $4.6 million a year to $20.25 million.

The fate of the property now hinges on who buys the ownership stake — and for how much. Ashkenazy recently defaulted on the $195 million mezzanine loan backing his fee position. It’s not clear how much that debt has grown. (A source familiar with the property said the senior loan has accrued more than $25 million in interest.)

If no other bidder is willing to pay more than the loan’s balance, SLG could credit bid the amount it’s owed and consolidate its ownership stake.

But many view the property as a prime development site where the 1960s-era office building could be demolished and replaced with high-end residential condos. If someone saw that value and bid up the price, they would either have to find a way to boot SLG from its lease or work with the REIT to redevelop the site.

Representatives for Ashkenazy and SLG have not responded to requests for comment.

The UCC foreclosure auction is scheduled for August 8, according to marketing materials from Newmark, where a team led by Adam Spies, Doug Harmon, Adam Doneger and Dustin Stolly is handling the process.

The two sides have been on a collision course since Ashkenazy bought the lot in 2014 for $400 million. At the time, SLG’s annual rent was already considered below-market, and many believed it could be raised as high as $50 million a year — more than 10x what the firm was paying.

After an arbitrator set the rent in April, SLG called the figure “substantially above what the company believes is appropriate” in its quarterly filing, and said it would write its interest in the leasehold down to zero.

The contest for control of the property has pit two of real estate’s shrewdest strategists against one another. In 2019, as Ashkenazy was threatening his rent hike, Marc Holliday’s SLG bought a stake in his mezzanine loan from the U.K.-based Children’s Investment Fund, which still holds a piece of the debt.

The REIT’s loan-servicing arm took over in legal proceedings Children’s Fund initiated with Ashkenazy, giving Holliday & Co. a vantage point to apply pressure on their landlord as the rent dispute dragged on.

At times it’s gotten personal. In April, SLG and Children’s Fund filed a separate lawsuit against Ashkenazy, calling into question whether he maintained a net worth of $195 million as required by his loan agreement.

A judge in one of the legal proceedings issued sanctions on June 8 against Ashkenazy’s attorneys at the law firm Friedman Kaplan, saying they made misleading statements that undermined the integrity of the proceedings.

An attorney for the Friedman Kaplan lawyers say they disagree with the decision and are confident it will be reversed.
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  #40  
Old Posted Jun 9, 2023, 7:13 PM
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I really hope this redevelopment happens. This is a perfect location for a major supertall, mixed-use tower. Amazing Central Park views, best retail & office location, and Billionaire's Row residential demand.
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