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Throughout his lifetime, Mr. Harry Silverstein accumulated hundreds of rentals apartments in the three boroughs of Brooklyn, Queens and the Bronx. Numerous properties in his portfolio date back to the 1960s. Now, shortly after his passing, his valuable acquisitions may be sold by his son Mr. Eric Silverstein. A&E Real Estate Holdings, one of the most aggressive buyers of multifamily properties, is interested. As reported by the Real Deal, A&E is in talks to pay $275 million to the Silverstein family for 14 buildings, containing over 800 rental apartments. The sum would amount to nearly $350,000 per unit. If the broker-free negotiation comes to fruition, they could enter a contract by early next year.
The properties in
The Williamsburg section of Brooklyn has been steadily gentrifying over the last decade. The city has been working on bringing life back into the dilapidated waterfront along the East River and creating a beautiful park for the locals. Last week, officials announced that the city finally made a deal to purchase the last 11-acre parcel needed complete Bushwick Inlet Park for $160 million.
The property is owned by CitiStorage. In early 2015, one of two giant warehouses that the storage
Over $3.2 Million Raised to Support the Museum
New York’s real estate community came together to support the inaugural luncheon of the Museum of Jewish Heritage – A Living Memorial to the Holocaust Real Estate and Allied Trades Division on Thursday, October 27 at 4 World Trade Center honoring Larry and Klara Silverstein, along with their children, Roger Silverstein, Lisa Silverstein and Tal Kerret, for their exemplary commitment to the Museum and leadership in rebuilding Lower Manhattan. The
On Thursday November 10, Governor Andrew Cuomo reached a deal between the Real Estate Board of New York and the 100,000 members of the Building and Construction Trades Council of Greater New York to revive the 421-a property tax break. In June 2015, the previous 421-a plan, giving developers a tax break in return for setting aside affordable housing units, expired. The negotiations between developers and unions took more than a year. Cuomo attached a required standard wage for construction
Early last week, Eric Schneiderman New York’s Attorney General, said that they had finally settled the investigation of Shaya Boymelgreen. A renowned real estate developer, Boymelgreen has been under investigation since 2013 for building violations, construction problems and failure to complete promised repairs for his clients, in lawsuits dating back to 2007. Boymelgreen, now 65, emigrated from Israel to the U.S. in 1969.
According to the New York Times, he began working in asbestos