Page 4 - CooperatorNews New York December 2021

4 COOPERATORNEWS — DECEMBER 2021 COOPERATORNEWS.COM PULSE Industry Pulse Insurance Tribeca Condo Hires Mackoul Risk Solutions New York and New Jersey insurance agency Mackoul Risk Solutions, which specializes in co-op and condominium in- surance, announces its recent partnership with 6 Cortlandt Alley Condo Association in Manhattan’s Tribeca neighborhood. The building dates back to the 19th cen- tury and today houses luxury lofts featur- ing amenities such as a cyber doorman, a cloud-based access control system, a fit- ness center with Peloton bike, a residents’ lounge, a package room with cold storage, and private storage spaces available for purchase. “This is a beautiful, historic building, and we could not be happier to represent them. We look forward to continuing our working relationship with Kristian from Choice New York Management,” says Greg Mackoul, Business Development Specialist for Mackoul. Transactions Kloss & Kushner List Puck Building Penthouse That was fast! In October, Coopera- torNews Pulse included reporting from The Real Deal on the recent purchase of The Puck’s last developer-held residential unit that was the most expensive listing to go into contract the week before Labor Day at $42.5 million. The 7,241-square- foot penthouse was purchased by mod- el-entrepreneur Karlie Kloss and her husband, venture capitalist Joshua Kush- ner—brother of Donald Trump’s son- in-law and former White House advisor Jared Kushner, and whose family business, The Kushner Companies, redeveloped the iconic Nolita property at the turn of the millennium. Now People reports that 29-year-old Kloss and 36-year-old Kushner have put their other penthouse in the building— a three-bedroom, six-and-a-half-bath- room condo unit—on the market for $23,500,000. Lavishly designed and appointed, the home also includes its own media, fitness, and laundry rooms, and is outfitted with a smart home automation system. Accord- ing to People, it’s listed with Nick Gavin at Compass and Adam Modlin of Modlin Group. Luxury Sales Soar This Fall Autumn in New York has seen a surge in home sales above the $4 million mark, according to Mansion Global and Olshan Realty’s weekly Olshan Report. Manhat- tan has gone five straight weeks with 40 or more signed contracts on residential properties in that price range. For the week ended November 7, 2021, 46 such sales were transacted, amounting to a total of $414.4 million, reports Man- sion . The priciest of these was a pair of penthouses in the Upper East Side’s the Bellemont that listed for a combined $66.5 million. The yearly record for total value of luxury sales in a week was set in Octo- ber at $483.6 million. The week’s next priciest signings were a tie between a Tribeca loft and another Up- per East Side penthouse that each asked $27 million. All of these sales were in condomini- ums, which accounted for nearly 83% of the luxury units sold in Manhattan in the reporting period, Mansion notes. Rose Hill Penthouse Sells for $18.75M In the Manhattan neighborhood north of Madison Square Park now known as NoMad, newcomer Rose Hill—the Art Deco condominium tower developed by Rockefeller Group—announces via press release that Penthouse A is now in contract for $18.75 million, with closing scheduled for before the end of the year. The sale is one of the biggest for the neigh- borhood in terms of total price and price per square foot, which the release notes is $4,267. The three-bed, three-and-a-half bath, 4,394-square-foot penthouse duplex de- signed inside and out by the New York- based firm CetraRuddy spans the 42nd and 43rd floors of the 45-story tower. With large floor-to-ceiling windows and ceiling heights of nearly 30 feet, the light- filled residence also has 1,331 square feet of exterior space spread across three pri- vate terraces, with 360-degree views of the New York City skyline, per the release. The unit opens on a great room and family room with various seating areas, and nearby are both the kitchen and din- ing room. Two bedrooms are on the main floor, and the master suite takes up the whole top floor. A flex room—a touted feature since the pandemic—can be cus- tomized as a study, additional bedroom, nursery, or however the owner likes. The press release describes Penthouse A as having finishes such as rusticated hardwood floors and bronze hardware. The kitchen is equipped with state-of- the-art Miele appliances; custom, Ital- ian-made cabinetry; and Calacatta Razzi honed marble countertops. The master bathroom has Greek Dolomite honed stonewalls with Breccia Capraia accent shower walls and dark marble floors with radiant heat. A large soaking tub and cus- tom walnut and bronze vanity with marble countertops round out the spa-like space. Located at 30 East 29th Street between Park and Madison Avenues, Rose Hill includes a full suite of urban club-like amenities. CORE, the exclusive sales and marketing firm for the building, handles the listing. Law & Legislation Co-op Virtual Meetings Now Permanently Legal In a press release, Great Neck-based law firm Hankin & Mazel, PLLC an- nounces that Governor Kathy Hochul has signed the amendment to the New York Business Corporation Laws allowing for cooperative corporations to hold both an- nual shareholder meetings and board of directors meetings by electronic commu- nication platforms. This legislation makes permanent the previous executive orders that allowed these types of meetings on an emergency basis due to the pandemic. Development Debt Purchase Proposed for Beleaguered High Line Development Reporting from the New York Post in- dicates that a deal is in the works for New York real estate investor Steven Witkoff to take over $1 billion in debt from the stalled residential development at Elev- enth Avenue and West 17th Street known as XI. The $2 billion condo designed by Dan- ish architecture group Bjarke Ingels is made up of two towers, one 26 stories and one 36 stories, that are set askew from one another, giving the interrupted project the nickname “The Twists.” According to the Post, after a 2016 groundbreaking and three years of much- watched construction at its tourist-centric Chelsea location, developer Ziel Feldman of HFZ Capital Group defaulted on the project in 2020, bringing construction of the 236 luxury units (priced up to $25 million), a high-end hotel, and an elabo- rate spa to a halt. Witkoff, who developed celebrity-fa- vored 150 Charles St. and owns the office floors of the iconic Woolworth Building in Lower Manhattan, is leading a group that proposed the debt purchase. The Post notes that it is unclear whether his com- pany Witkoff Group or other investors are involved in the offer. Following a judge’s ruling that HFZ owed $136 million in monthly interest payments since 2020 to a prime lender, a public debt auction was scheduled for October 28. There is also a $100 million construction lien against the project, in addition to “scores of creditor claims for unpaid bills,” reports the Pos t. The debt auction was postponed until late December, according to previous Post reporting, but it’s possible Witkoff’s bid will preclude the need for the postpone- ment. FiDi Condo Development Refinances Another troubled condo development is trying to stay afloat with some debt re- structuring, according to The Real Deal. The outlet reports that Trinity Place Hold- ings has secured an inventory loan with Macquarie Capital, the investment arm of Australian financial services firm Macqua- rie Group, for its project at 77 Greenwich Street in Manhattan’s Financial District. The $166.7 million loan will allow Trinity to pay off existing debt to its senior and mezzanine lenders in advance of looming expiration of forbearance agreements. Massachusetts Mutual Life Insur- ance provided the senior construction loan of $190 million in 2017. After fail- ing to maintain a required $15 million liquidity, Trinity entered into its first of three forbearance agreements with Mass- Mutual in September 2019. Then, after the March 2020 shutdown brought about by the coronavirus pandemic led to a three- month construction halt, which reported- ly compromised sales efforts, Trinity and MassMutual agreed to an extension on construction and sales deadlines in De- cember 2020. That same month, Trinity secured $7.5 million in mezzanine financ- ing through Davidson Kempner Capital Management that was used to pay down $8 million of senior debt and fund interest reserves required under the senior loan terms, according to TRD. Just prior to the expiration of its forbearance agreement, Davidson Kempner amended its terms with Trinity and extended an additional $22.8 million in mezzanine financing for the project. Meanwhile, Trinity replaced broker- age The Marketing Directors with celeb- rity broker Ryan Serhant, who rebranded the building “the Jolie” in April after his firm took over sales and marketing. As of March, Trinity had reported 16 contracted sales to investors, at prices ranging from $1,538 to $3,057 per square foot. Closings began in October, according to TRD. Under the terms of the inventory loan, Serhant can offer potential buyers sweet- eners such as covering closing costs and credits for common charges, TRD notes. Designed by FXFOWLE, the 40-story tower includes 90 luxury condo units, over 7,500 square feet of retail space, and—notably—an elementary school. n Please submit Pulse items to Darcey Gerstein at darcey@cooperatornews.com