Fairstead has approximately $7.8 billion in assets and projects in the pipeline and 24,000 homes across 28 states with the goal of growing even bigger.
But internal disputes led to multiple legal battles, including one that saw a lengthy opinion emerge late last month. The trial involved 10 witnesses and nearly 2,600 pieces of evidence, providing a play-by-play of the Fairstead drama and negotiations and an example of what happens when a business gets off to a flying start.
Larger office projects in Manhattan are slower to get off the ground.
But after the opening of JPMorgan Chase’s gleaming office tower, all eyes are on the next big skyscraper that will reshape the Manhattan skyline.
Vornado Realty Trust has submitted a building permit application for a high-rise at 350 Park Avenue. Vornado is working with Rudin Management and hedge fund Citadel to develop the tower located between East 50th and 51st Streets.
The permit application describes a 62-story building with a total area of more than 2 million square feet. In addition to being a partner on the project, Citadel also agreed to lease 80,000 square feet in the tower.
In Brooklyn, a townhouse set the record for the most expensive sale in the borough.
Eli Gindi, a member of the acclaimed Gindi real estate family, sold his home at 2126 East Fourth Street in South Brooklyn’s Gravesend neighborhood for $32 million, according to property records. The buyer was identified as Victor Hakim, CEO and founder of Choice Home Warranty.
The deal easily surpassed the borough’s previous record for sales of a single-family home, located at 8 Montague Terrace in Brooklyn Heights, which sold for $25.5 million in 2020.
Andrew Farkas is also into big business hunting. His Island Capital put the Lexington Hotel in Midtown East up for sale, expecting a price of about $275 million for the 725-key property.
Farkas’ joint venture acquired it in 2021 for $185 million. The hotel was closed due to the pandemic and renovated by its previous owner, DiamondRock Hospitality. Shortly after trading it reopened under the Marriott International Autograph Collection brand.
The Lexington is the last major “big-box” hotel in the area, meaning it could benefit from nearby developments like the aforementioned JPMorgan headquarters.
Finally, let’s take a breath and look back, as this week marks one year since the City Council passed the Fairness in Apartment Rental Expenses (FARE) Act, which prohibits forcing tenants to pay fees to rental agents they didn’t hire.
Proponents of the measure argued that the previous dynamic gave landlords more leverage to raise rents at lease renewal, knowing that tenants likely wanted to avoid the upfront costs.
But opponents, such as the Real Estate Board of New York, blamed the law for rising rents and the demise of stock market listings. REBNY is even awaiting an appeal for a legal challenge.
So now that it’s been a year since its passage—and five months since its enactment—our housing and politics team took a look at how the FARE Act has actually affected the city’s housing market. Time to separate fact from fiction.
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Eli Gindi’s South Brooklyn mansion sells for a city-record $32 million
Vornado, Rudin’s 350 Park office tower should be ready for construction
Andrew Farkas is eyeing $275 million for the Lexington Hotel
#Alls #fair #FARE #York #real #estate #week