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The Madison Avenue property is at the center of an ongoing lawsuit against SL Green from prominent real estate broker Lori Shabtai, who claims the company owes her more than $1.3 million in commissions for deals she put together at 710 and 712 Madison Ave. The suit argues that Shabtai orchestrated a deal at 712 Madison for Graff International to enter into a 25-year ground lease with SL Green for $12.4 million with an option to buy the building between Jan. 1, 2021, and March 1, 2023, for $43 million. Shabtai is suing SL Green through her company LHWS for breach of contract. Graff International purchased the adjacent building at 710 Madison Ave. in 2019 for $66.5 million from Raymond Gindi’s ASG Equities, property records show. The jeweler’s U.S. headquarters are located nearby, at 46 E. 61st St. ....
Share via Shortlink Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps) The middle of the investment sales market is off to a running start in 2021. Seven sales in the $10 to $30 million range plus one just outside of it, at $32 million combined for a total weekly volume of $143 million. That’s a good deal more than the $81 million across four sales the week before. A retail condo sale by an LLC affiliated with SL Green topped the list, and there were deals in four of the five boroughs. (Sorry, Staten Island.) Here are more details for the week ending Jan. 8: ....
SL Green sheds Williamsburg commercial spaces for $32 million Buck Ennis SL Green, the city s largest office landlord, has sold off three commercial units at a Williamsburg condo building to Ethika Capital for $32 million, property records show. The deal includes a parking garage and two retail spaces beneath the Williamsburg THS Condominium at 195-205 Berry St., a 72-unit, 44,000-square-foot multifamily building. SL Green previously held a 90% share in the residential portion of the property with its partner Magnum Real Estate Group, but Green sold it for $55 million in 2016. It was purchased for $54.9 million in 2012 along with 12 townhomes. Related Articles The townhomes have since been sold off, but the Marc Holliday-led real estate investment trust retained its share in the commercial properties at the condo building until it closed on the deal with Ethika in late December. ....