Wendy Maitland wants out of her noncompete at Town Brokerage’s former president of sales accuses co-owner Joe Sitt of “financial chicanery”
Joseph Sitt and Wendy Maitland (Illustration: Lexi Pilgrim)
Wendy Maitland is looking to get out of the noncompete clause in her contract with Town Residential by accusing the firm of cooking the books.
In court filings submitted last week as part of Maitland s lawsuit against Town, she accused the firm s co-owner Joseph Sitt of “financial chicanery” and expressed “serious doubts as to the legality and ethics of how [its] books are kept.”
“I am the broker of record at Town, but have not been afforded the right to review Town’s internal records to determine where, among other things, Town has commingled funds,” Maitland, who served as the brokerage s president of sales until last month stated in the court documents. “Fees are paid to attorneys in the hundreds of thousands of dollars, while the cleaning service company is starved of payments owed. Vendors, such as photographers 爱上海龙凤419桑拿 and floor-plan companies, call me for unpaid aging invoices regularly.”
Forcing her to operate in such an environment, Maitland claims, amounted to a breach of contract by Town. She is asking the court to declare her noncompete clause unenforceable.
The lawsuit Maitland filed in May accuses Sitt of starving the company of funds, thereby costing it agents, relationships with vendors and a new development exclusive as well as causing it to default on rent paymen[……]
Hamptons home prices still wow Huge waterfront estates are selling at top dollar despite a decline in luxury deals
93, 97 and 101 Lily Pond Lane in East Hampton
From the Hamptons Market Report: A number of massive residential deals have closed recently in the Hamptons, showing that the East End’s luxury market is st爱上海同城对对碰 ill capable of creating new local records, albeit amid a slowdown in sales volume this year.
At the top of The Real Deal’s list of the priciest residential sales during the yearlong 上海千花网 period ending in April is the $110 million sale of 93,爱上海 97 and 101 Lily Pond Lane in East Hampton, sold by hedge funder and notorious property flipper Scott Bommer of SAB Capital in February. Real estate brokers said the buyer was Michael S. Smith, CEO of Freeport LN上海贵族宝贝 G Development. The listing broker was Ed Petrie of Compass. The sale was the second-largest residential deal ever made in the上海千花网龙凤论坛 Hamptons; the priciest estate to ever change hands was a $147 million oceanfront property in East Hampton, bought by billionaire investor Barry Rosenstein of Jana Partners in 2014. [more]
Tags: david geffen, Hamptons, scott bommer
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In Sag Harbor, 上海夜网论坛 a faux 18th-century façade belies newly built luxury The $12M home is packed with sterling silver and a hydraulic car lift
The 7,000-square-foot property is listed for $12 million (Photo credit: Jake Rajs)
From Luxury Listings NYC: Sag Harbor’s Suffolk Street is lined with well-kept wooden homes done up in classic Hamptons styles. At number 43, a 95-year-old beach tree and an historic exterior belies what is in fact completely new construction, with all of the modern bells and whistles.
The owners had originally developed the lot for themselves. They wanted to keep the home within the theme of other village residences, so they tapped Kirby Grimes, an architect well known for working on historic homes. Grimes helped give the property its paradoxical feel, by爱上海同城论坛 contrasting a modest historic facade with expansive-open spaces within. Even the 爱上海龙凤419桑拿 stone slab front porch, which leads to a huge modern living space with 29-foot ceilings, is a reference to history, 上海千花网龙凤论坛 specifically to the stone used at the Sag Harbor Whaling Museum. [more]
Tags: Hamptons, sag harbor
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Beninati’s 3 Sutton Place heading to the block Bankruptcy judge signs off on sale of defaulted condo project
From left: Joseph Beninati, Richard Kalikow and a rendering of 3 Sutton Place
A bankruptcy court gave the green light for a sale 爱上海 of Joseph Beninati’s troubled 3 Sutton Place condominium project.
The development site and plans for a 262,000-square-foot condo tower drawn by Sir Norman Foster are now jointly up for sale. JLL’s Scott Latham, Richard上海千花网交友 Baxter, Ron Cohen and Jon Caplan and Meridian Capital Group’s David Schechtman are marketing the property, located at 426-432 East 58th 新上海贵族宝贝论坛 Street.
Beninati’s Bauhouse Group assembled the site with the help of a $130 million loan from N. Richard Kalikow’s Gamma爱上海 Real Estate. But in January, Beninati defaulted on the mezzanine loan and subsequently filed for bankruptcy to prevent Gamma from foreclosing on the property. According to the New York Post, defaulted interest payments have since swelled the sum owed to $185 million.
In July, Beninati sued Gamma, alleging the lender conspired with Beninati’s attorney Richard R. Kalikow, who happens to be N. Richard Kalikow’s cousin, to take control of the project.
In another twist, Philip Pilevsky of Philips International recently began helping Beninati with funds and legal services. Last week, Gamma sued Pilevsky for allegedly interfering in the project. [NYP] Konrad Putzier
Tags: 3 Sutton Place, g上海千花网论坛 amma real estate, Joseph Beninati
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Next stop on Second Avenue subway? Higher rent Rents to rise upwards of $462 a month in parts of Yorkville, according to StreetEasy
A map of the NYC subway featuring the Second Avenue lines (Credit: Getty)
After decades of delays, the Second Avenue subway will debut on New Year s. But a new report says higher 上海龙凤论坛sh1f rents are the next stop for Upper East Side residents near the new stations.
People who live near the subway stop at 72nd, 86th and 96th streets could see their rent jump by as much as $462 per month, according to StreetEasy. Already, big name developers have cast big bets on the neighborhood.
Until now, Yorkville — perhaps because it was so far from the train — has been relatively affordable. The area’s median rent is aroun阿拉爱上海同城 d $2,700 per month compared to the citywide average of $3,300 a month, StreetEasy data show.
But transportation and real esta上海龙凤论坛sh1f te development go hand in hand.
In the last five years, median rents near the subway have grown 27 percent to $2,520 per month, according to StreetEasy. And two-bedroom condos in new developments on First and Second Avenues are in the $2 million range.
Business owners who can’t wait for foot traffic to return to the area are worried that high rent could force them out of business, only to be replaced by high-end stores. There are also concerns about gentrification爱上海同城对对碰 and longtime residents being pushed out. “When you increase the values in areas like this爱上海 , you need to do things to protect afford[……]
Infamous anti-development Queens landlord dies Rita Stark blocked attempts to develop her shopping center on Mott Avenue
Thriftway Shopping Center on Mott Avenue
Rita Stark, a Queens landlord who critics say worked to block a $91 million revitalization plan for Far Rockaway, died. She left her extensive multifamily holdings to her brother and two sons.
Stark died in October, DNAinfo reported. She owned properties in the Queens neighborhoods of Jamaica, Hollis and Far Rockaway and throughout the city.
Stark’s property, the Thriftway Shopping Center on Mott Avenue, had become a symbol for the decline of downtown Far Rockaway. The storefronts remained empty, but Stark repeatedly backed out of deals to sell or develop the property, according to the publication. Many in the local community had hoped development would lead to jobs and economic growth. In February, Mayor Bill de Blasio announced at $91 million investment for the downtown area.
“I’ve never heard of anyone who didn’t want to make money, especially someone in real estate,” said 上海千花网龙凤论坛 Jonathan Gaska, district manager for Community Board 14. He added that he’d received dozens of calls from people who wanted to develop the shopping center or lease store上海同城对对碰交友社区 s in Stark’s shopping center. He said Stark would always pull out of the deals at the last minute.
A spokesperson for the city s Economic De阿拉爱上海同城 velopment Corporation said it remains committed to the redevelopment of downtown Far Rockaway.
“We’re hopeful that w[……]
Attention, Brooklyn condo buyers: Good luck trying to hold your developer personally accountable Appellate court shoots down attempt to pierce LLC veil in construction defect case against Savanna
From left: 125 North 10th Street, Christopher Schlank and Nicholas Bienstock
The LLC veil used by condo developers in Brooklyn just became Kevlar.
A New Appellate Court ruling will make it harder for condominium boards in the borough to sue individual developers of apartment buildings for construction defects.
Over the years, a number of Brooklyn condo buyers filed lawsuits in New York Supreme Court against the actual developers behind the projects they lived in, alleging construction defects. One such case, against real estate investment firm Savanna and their 86-unit condo at 125 North 10th Street in Williamsburg, made its way to appellate court.
The judges in that case have now ruled that claims can only be brought against the develo上海龙凤论坛 pment entity, in this case, an LLC. The takeaway: Developers aren t personally liable for the buildings they put up.
Previously, cases naming individual developers as defendants were justified by developer signa新上海贵族宝贝论坛 tures on the “certification of sponsor,” a document in which stakeholders affirm that all the contents of a new condo offering plan are true and representative. Brooklyn developers singled out in breach of contract lawsuits in recent years include Amir Yerushalmi and Alan Messner. The appellate court department covering Manhattan, ho[……]
As prices rise and sellers lose ground, 5 percent — or even 4 — becomes a new norm, shaking up the brokerage world
(Illustrations by Neil Webb)
When Upper East Side socialite Shafi Roepers decided to relist her co-op at the exclusive 4 East 66th Street this spring, she called power broker Serena Boardman. The Sotheby’s International Realty agent came close to selling the floor-through apartment last year, but the deal fell apart at the 11th hour.
This time, however, there’s a catch.
While the property is being listed for the same $65 million, the commission for the buyer’s broker has been dropped to 1.5 percent from the typical 3 percent. The move — which comes despite the fact that it didn’t sell last time around — speaks to the fact that Manhattan agents, particularly those who work in the high-end luxury market, have been increasingly willing to accept less in today’s challenging market.
“Over $15 million, I haven’t seen 6 percent,” said Jed Garfield, president of the brokerage Leslie J. Garfield, referring to the full commission shared equally between agents for buyers and sellers. “The old 6 per新爱上海同城对对碰论坛 cent on a sale is absolutely a thing of the past.”
Kirk Henckels, director of private brokerage at Stribling Associates, said that while the market use to be “solidly 6 percent,” now “we’re solidly 5 percent.” And in some cases, 4 percent is in play.
Henckels attributed the drop to the fact that prices have skyrocketed in recent years.
“It’s one thing to have a $20 million li[……]
Kanye West sells Heartless Hollywood Hills home for $3M There’s a large fish tank in the master bedroom
Kanye West, Hollywood Hills home (Getty Images/MLS)
Somewhere far along this road, he lost his soul to a new buyer.
Rapper and fashion designer Kanye West sold his longtime Hollywood Hills West home featured in his Heartless music video for $2.95 million in an off-market deal.
The 4,214-square-foot property has three bedrooms and four bathrooms with a large fish tank in the ma新上海贵族宝贝论坛 ster bathroom, the Los Angeles Times reported.
It also has a breakfast room, den, home theater and balconies on all three levels.
He purchased the home near Hollywood Boulevard in 2003 for $1.75 million, according to property records.
West first listed the house in 2010 for $3.9 million, and, more r上海贵族宝贝交流区 ecently, in 2013 for $3.3 million.
West, one of the bestselling hip-hop artists of all ti爱上海同城手机版 me, released his last album “The Life of Pablo” last year. He also owns a home in Bel-Air and Hidden Hills with his wife, 上海千花网 reality television star Kim Kardashian. [LAT] Subrina Hudson
Tags: Celebrity Real Estate, Hollywood上海千花网交友 Hills, Re
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Cape Advisors scores loan to build 23-unit Tribeca condo Bank of the O上海千花网龙凤论坛 zarks finances developer’s lat上海夜网 est luxury爱上海同城对对碰 project
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