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Sandro Rosell
FC Barcelona President
Friday, March 24, 2017

Real Estate

The new luxury condominium tower at 30 East 31st Street in Manhattan, is upping its target sellout price. According to a filing with the New York State Attorney General’s Office,  Ekstein Development LLC  is now looking forward to a $151 million sellout on the 40-story building. Back in 2015, for the first filing of construction plans, Ekstein set the target for $90 million. In June 2014, Certes Partners paid $15.5 million to purchase the NoMad development site that held the seven-story historic parish house of the Madison Avenue Baptist Church. It has been demolished and last October, Ekstein obtained a loan for construction in the amount of $54 million. 

Originally, Ekstein, in partnership with Pinnacle Real Estate, planned to develop

On Thursday March 16th, Abro Management, bought two neighboring Brighton Beach rental buildings from the Hudson Companies for $46.9 million, as reported by The Real Deal. The purchase includes 1125 Banner Avenue, which is 11 stories; and 2750 East 12th Street, which is seven stories. Together the South Brooklyn buildings span 115,000 square feet, and boast 102 apartments. The closing price works out to $408 per square foot in the deal, which was brokered by Steven Vegh of Westwood Realty

According to recent documents in federal bankruptcy court, the owner of a sleazy apartment building in Midtown that has faced many lawsuits for years, has agreed to bring the property up to code and pay $375,000 to settle millions of dollars' worth of outstanding violations.

One of the multiple owners of 44o W. 41st Street is Ben Zion Suky, who for years has been renting apartments in the building for terms less than 30 days which is in direct violation of city code, according to City Hall

Izaki Group Investments has released plans to build a 20-story condominium tower in the Upper East Side. As per The Real Deal, the firm, which is the U.S. division of Israeli based development company IGI, purchased the development site last month for $42 million. The company purchased the three adjacent walkups at 310-314 East 86th Street, from Gary Barnett’s Extell Development. The tower will be conveniently located near the Second Avenue subway , which was finally opened only weeks before

The Kushner family’s company stands to receive more than $400 million from Anbang, a Chinese company that is investing in the Kushner’s office tower at 666 Fifth Avenue in Manhattan. As reported by Bloomberg News, the proposed $4 billion transaction contains terms that some real estate experts have described as unusually favorable towards the family of President Trump’s son-in-law. It provides the Kushner family with the impressive cash payout from Anbang Insurance Group, as well as forgiveness