BlueCrest Capital Management, Gamma Real Estate, Joseph Beninati

Gamma s bet on 3 Sutton Place was backed by UK hedge fund BlueCrest Capital, foreign client provided $100M towards Kalikow loan

From left: Joseph Beninati, Michael Platt and Richard Kalikow and a rendering of 3 Sutton Place

BlueCrest Capital Management, once one of Europe s largest hedge funds with $37 billion in assets under management at its peak, was the real money behind Richard and Jonathan Kalikow s $147 million bet at 3 Sutton Place, according to one of its former executives.

Headed by English financier Michael Platt, BlueCrest contributed more than $100 million of the high-interest loan provided to developer Joseph Beninati of Bauhouse Group by the Kalikows’ Gamma Real Estate for the construction of the planned, but ultimately stalled, 68-story, Norman Foster-designed condo tower.

BlueCrest, which reportedly faced an SEC probe earlier this year over possible conflicts posed by an internal fund that managed money for employees, was investing its own funds in the Sutton Place project as well as those of another unidentified foreign investor, Van Nguyen, the former head of equities derivatives trading at BlueCrest, said late last month in court papers relating to a lawsuit between Gamma and Beninati.

The hedge fund has since followed the leads of fund magnates such as George Soros and Steve Cohen in returning all outsi上海贵族宝贝交流区 上海贵族宝贝论坛de money to its investors and becoming a private fa上海贵族宝贝论坛 上海贵族宝贝mily office.

“Approximately two thirds of the economic interest in the lender, Sutton 58[……]

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1 WTC contractor hid mob ties to win gig

1 WTC contractor hid mob ties to win gig Vincent Ver爱上海同城对对碰 爱上海同城论坛tuccio faces 37 months in prison and $2.4M in fines and restitution

Fuhgett上海千花网龙凤论坛 上海千花社区aboutit. A Queens contractor on the hook for defrauding the Port Authority of New York and New Jersey allegedly hid mafia ties in order to land work at One World Trade Center.

Vincent Vertuccio of Crimson Construction Corp. in Maspeth pleaded guilty to doctoring tax returns and obstructing an investigation to defraud the agency.

Vertuccio, who allegedly has ties to the Bonanno crime family, hid those connections in order to win a $11.4 million上海千花网 爱上海同城对对碰 construction contract at the tower, federal court documents show, the New York Post reported.

He faces 37 month新上海贵族宝贝论坛 上海贵族宝贝交流区s in prison plus up to $1 million in fines and $1.4 million in restitution to the Port Authority and IRS.

Vertuccio — who was terminated from 1WTC — hid $1.5 million in his mother s bank account and bought his daugh上海龙凤论坛sh1f 上海龙凤论坛ter a house. [NYP] E.B. Solomont

Tags: 1 World Trade Center, Commercial Real Estate, port authority
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Startup wants to pay landlords for digital 上海千花网龙凤论坛 上海千花社区storefront ads Outernets collects data on p爱上海龙凤419桑拿 上海龙凤论坛sh1fassersby

Outernets digital display at Dylan s Candy Bar (Credit: Outernets via NYP)

UPDATE, Sep. 28, 3:40 p.m.: A startup wants to pay landlords $10,000 per month or more to install intelligent, electronic window ads in retail storefronts.

The company, Outernets, has already installed its displays at Dylan’s Candy Bar and McDonald s locations. The screens collect data on passersby and change their advertisements depending on who is walking by. For example, a man may see an ad for ties, a woman an ad for high heels.

Building owners c爱上海同城 爱上海an also show their own ads 30 minutes per day, the New York Post reported.

“We don’t take or save anyone’s picture or video,” co-founder Omer Golan told the Post. “We just get the raw data on how many people pass by, their age group, the times, and how long they pay attention. This is very valu爱上海龙凤419桑拿 上海龙凤论坛sh1fable to advertisers and was lost up till now.”

The founders of co-working giant WeWork have invested in the company.

Digital ads are 上海龙凤论坛 新上海贵族宝贝论坛already a huge source of revenue for Times Square landlords, but elsewhere in the city they have yet to take off. [NYP] Konrad Putzier

Correction: an earlier version of this post incorrectly claimed that WeWork invested in the company.

Tags: Commercial Real Estate, Real Estate Advertising, Tech, wework
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National Real Estate

National Cheat Sheet: Compass gets boatload of funding, failing malls drag down on property values more

Clockwise from top left: TRD s Shanghai event, Downtown LA s Million Dollar Theatre, the skyline of North America s least affordable city, and WeWork s Adam Neumann.

Compass raises another $100M in funding
Venture capital-backed real estate firm Compass raised another $100 million in a new funding round, bringing its total valuation to $1.8 billion. The company plans to use the money to expand to 10 new cities in the next two years and to develop new technology. “We’re just getting started,” Compass’ executive chairman Ori Allon said in a statement to The Real Deal. “The real vision is for Compass to be everywhere.” [TRD]

Struggli爱上海 爱上海同城手机版ng shopping malls are dragging down on commercial property values
Mall valuations took a 6 percent dive from September to Octob上海千花社区 上海千花网交友er and fell by 11 percent in the last 12 months, according to a report by real estate research firm Green Street Advisors. Those dwindling values are weighing down the the entire爱上海龙凤419桑拿 上海龙凤论坛sh1f commercial real estate market, Green Street found. The firm s commercial property price index, which tracks REIT-owned properties, decreased by 1 percent from September to October — the largest month to month drop since the financial crisis, the Wall Street Journal reported. [WSJ]

Chinese investors should keep their eyes on 1.5 cities, experts say
Despite the Chinese government s tightening of capital outflows, investor demand for U[……]

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Office Design

Here s how to 阿拉爱上海同城 爱上海龙凤419桑拿keep millennials working (in your office) Here are the top priorities of a modern workforce

(Credit: Pixabay Pexels)

According to a study run by LinkedIn, here s what today s workforce of millennials prioritize in an office:



About 40 percent feel satisfied阿爱上海同城 阿拉爱上海同城 when they ve been able to schedule some m爱上海同城对对碰 爱上海同城论坛e-time into their days, ideally as part of their work day.



The vast majority surveyed want to learn new things the上海千花网龙凤论坛 上海千花社区 most oft-cited goal the new year was to learn a new skill.

Choose your own adventure


Millennials want to set their own schedule about a third of those surveyed said they d take a cut in pay if they had control over when they got around to various tasks.

Side hustle


About a third, feel more satisfied through having a side project or another job they devote time to. Some companies are even creating space in their offices for employees to pursue their other jobs.

Teacher for the day


With about 40 percent of people feeling satisfied when they teach others, some offices are trying to work in more skills-sharing and teaching modules into their workflow.



Who doesn t want to travel the world? People want to be able to work from anywhere, free from the necessity of face-time. [NYP]  Erin Hudson

Tags: Commercial Real Estate, office market
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Whale Square Brooklyn

Madison refis Whale Square with $90M loan 上海千花网龙凤论坛 上海千花社区Investor bough Brooklyn property for $82M in 2015

Josh Zegen and Whale Square (Credit: Google Maps)

Madison Realty Capital refinanced the 500,000-square-foot Whale Square building in Sunset Park with a $90 million loan from TPG Capital s mortgage arm.

TPG Real Estate Finance Trust, the private-equity firm 爱上海 爱上海同城手机版s mortgage real estate investment trust, refinanced the $59.4 million remaining balance of a $63.2 million loan Deutsche Bank provided at the time of Madison’s acquisition, property records filed with the city Thursday show.

The REIT provided another $30.5 million in additional debt, according to records.

A spokesper爱上海同城论坛 爱上海同城son for TPG declined to comment, and a representative for Madison Realty could爱上海龙凤419桑拿 上海龙凤论坛sh1fn’t be immediately reached.

Madison bought the seven-story building at 14 53rd Street — formerly known as the Brooklyn Whale Building — for $82.5 million in 2015, as investors were snapping up爱上海同城 爱上海 industrial properties and repositioning them to attract office and creative tenants.

The building was listed at the time as 400,000 square feet. But after a re-measurement, Madison’s pegged it at 500,000 square feet.

In 2016, Urban Soccer signed a lease for 63,000 square feet at the site for its first indoor facility in the United States.

Tags: Commercial Real Estate, madison realty capital, Real Estate Finance
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Cadre Real Estate

Ryan Williams, Jean Sini and the Puck Building, where Cadre is headquartered (Credit: Michael McWeeney and Wikimedia Commons)

UPDATED, April 26, 6:07 p.m.: Jean Sini, the chief technology officer of the Kushner brothers-backed real estate investment platform Cadre, has quietly left the company.

A source close to Cadre said he was let go a few months ago. A source close to Sini said he quit, citing tensions over a lack of focus on technology development at the finance startup.

A Cadre spokesperson said in statement: We can confirm that we cho爱上海龙凤419桑拿 上海龙凤论坛sh1fse to part ways with Jean Sini in February. Any assertion that this was due to a lack of focus on technology development is patently false. Our pace of technology innovation has accel上海贵族宝贝 上海千花网龙凤论坛erated over the last few months in parallel with the ongoing expansion of our technology and engineering teams.

Sini join上海贵族宝贝论坛 上海贵族宝贝ed Cadre i上海龙凤论坛 新上海贵族宝贝论坛n October 2016, according to his LinkedIn profile. At the time of his departure, he oversaw an engineering team of around 20 people (it has since grown to 35, according to the source close to Cadre).

Cadre’s head of engineering Leonid Movsesyan took over Sini’s role. The company declined to comment, and Sini couldn’t be reached.

A native of France, Sini spent eight years as director of software engineering at Oracle, according to his LinkedIn profile. He later worked at Intuit and Symbol Technologies, among other firms. Prior to joining Cadre, he spent more than two years as CTO of Fountain Software, wh[……]

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Westfield Mall

Gap sues Westfield for alleged overcharges at more than 2 dozen malls Large tenants could get more aggressive in challenging landlords over expenses

The World Trade Center Mall (Credit: Getty)

Gap is dragging its landlord Westfield into court over disputed common charges — a disagreement that could become more common amid the tough retail environment.

The retailer filed its lawsuit in California state court in Los Angeles in May, claiming Westfield used fraudulent measuring techniques that forced Gap to pay more than its share of expenses at more than two dozen shopping centers, the Wall Street Journal reported.

Standard mall leases usually allow landlords to charge tenants f上海千花网交友 上海千花网论坛or their proportional share of expenses like taxes and maintenance fees. Gap’s court papers say its share of expenses were calculated based on the “gross leasable area” of a property, meaning the smaller the size of the property, the more Gap pays pro爱上海龙凤419桑拿 上海龙凤论坛sh1fportionally.

Gap claims that department stores and shops with a “primary exterior entrance” could be excluded from the gross leasable area. But it argued that vacant department stores should not be included, and said that Westfield improperly counted some empty 爱上海同城对对碰 爱上海同城论坛department stores as if they were up and running, according to the Journal.

The retailer also claims that Westfield erroneously said some stores had primary exterior entrances when they didn’t, and that it counted movie theaters as department stores.

It’s not uncommon for tenants[……]

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David Rockefeller

Westchester Fairfield Cheat Sheet: $33M Rockefeller estate sale named priciest of 2018, famous photog’s ex-New Canaan home seeks $2M … more

Clockwise from top left: David Rockefeller property sold in February tops list of Westchester resi sales (Credit: Hashmoder), a New Canaan home once occupied by a prominent photographer lists for nearly $2M, a former Norwalk flower shop could be razed to make way for new apartments and a developer seeks rezoning and incentives for a residential development in Port Chester (Credit: Adam E. Moreira).

Ex-Rockefeller property tops list of biggest Westchester residential sales
An estate owned by David Rockefeller that sold for $33 million in February 20爱上海 爱上海同城手机版18 was the largest residential sale of the year in Rockland and Westchester counties, LoHud reported. The Pocantico Hills property, which includes an 11-bedroom mansion, as well as a three-bedroom guest house, a stable and a carriage house, sold for 50 percent more than its asking price of $22 million. “This is a vindication of the provenance of David Rockefeller,” said Houlihan Lawrence associate real estate broker David Turner, who handled the listing for the late banker and philanthropist. Turner told the outlet that “it’s just rare that a parcel of this size, scope and integrity is available at all.” The 75-acre property hit the market several months after Rockefeller died at 101. An Upper East Side mansion also owned by Rockefeller took a price cut last year when it was sold for $20 milli[……]

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