This is Corey Cohen, founder of The Roebling Group, and here's a glimpse into recent real estate news.
Milstein Dynasty's Iconic Dorchester Towers Hit Market
Milstein Clan's Real Estate Arm, Ogden CAP Properties, is shaking up Manhattan's Upper West Side with a massive $375 million condo sale.
The family-owned firm is putting all 324 units at Dorchester Towers on the market, but there’s a slight twist: current residents get first dibs until May 6. Otherwise, the units hit the market on June 6th. Prices are in line with the neighborhood's median figures, ranging from $980 to $1,750 per square foot.
This New Bill Would Let Renters Bid to Buy Their Buildings
The proposed Tenant Opportunity to Purchase Act (TOPA) is a hot topic that offers a mix of humor and concern to NYC landlords.
This bill would pause building sales to let renters bid on them, a move that landlords find unnecessary, although a bit comical. Many landlords have taken to social media to quip about how renters would fare if they spent a week in their shoes – noting how tough it can be to deal with maintenance, regulatory hurdles, delinquent tenants, and events like the “Cancel Rent” movement during Covid-19.
Forged Signatures and Stolen Funds Rock Upper East Side
Real estate developer Penny Bradley was found guilty by a New York jury for forging signatures on loan documents and misappropriating investor funds meant for renovating an Upper East Side townhouse.
Manhattan D.A. Alvin Bragg accused Bradley of using forged signatures to secure an $11.5 million loan for a townhouse and stealing around $500,000 from another investor. Bradley allegedly used the stolen funds to fund a lavish lifestyle – including luxury trips to Puerto Rico and Utah, and payments on her Range Rover. Bradley faces sentencing in June 2024.
The Headlines
An affiliate of Hunterbrook Capital published an incriminating report alleging fraudulent practices by Wholesale Mortgage (UWM). UWM's stock price has seen a rollercoaster ride since.
While media coverage may suggest a rise in squatters in New York, there's no clear evidence of a "squatter crisis." One proposal from lawmakers would allow property owners to file a complaint for immediate removal.
Two former Caltrain officials face felony charges for allegedly converting office space into illegal apartments. The case has sparked discussion about the high cost of housing in the Bay Area and the challenges faced by super-commuters.
The developer of a new condominium in Midtown East, Manhattan, secured a $185 million inventory loan to attract buyers to the area. The developer hopes to achieve $319 million in sales, but challenges remain due to rising mortgage rates.
Chanel is reportedly eyeing a prime property on Fifth Avenue in Manhattan. The area has seen a flurry of activity from luxury retailers, with recent big-ticket sales like Prada's acquisition of 724 and 720 Fifth Avenue.
Former Trump Organization CFO Allen Weisselberg has been sentenced to five months in jail for multiple counts of perjury. This isn't Weisselberg's first stint at Rikers Island; he previously served three months for tax fraud charges.
Have a question about buying or selling real estate in NYC? Please feel free to book an appointment with me here for a consultation.
Best,
Corey Cohen
Founder
The Roebling Group
646.939.7375
@mrcoreycohen
