Wendy Maitland accuses Sitt of starving Town of financial resources Company is “rudderless,” she says in new lawsuit against brokerage
Wendy Maitland, who The Real Deal reported earlier today is leaving Town Residential, is suing the brokerage, accusing co-ow新爱上海同城对对碰论坛 ner Joseph Sitt of starving the company of funds.
In a lawsuit filed Wednesday in New York State Supreme Court, Maitland claims Sitt s withholding of funds cost the company agents and a new development exclusive. She also claims it watered down the price the comp上海千花网交友 any would fetch if it were sold.
A spokesperson for Thor Equities, Sitt s investment firm, declined to comment. Maitland couldn t be reached for comment.
In the suit, she claims that Sitt, who controls the company s finances and serves as co-chairman, began starving Town of money and refused to reimburse her expenses, fund marketing campaigns and even fired her driver, replacing him with another driver who later got into a collision.
Sitt also allegedly stopped paying rent on all of Town s sales offices and didn t pay suppliers, ruining Town s relationship with some landlords and vendors, Maitland claims in the suit. In April, a unit of Virginia-based Belvedere Management C爱上海同城 o., the company s landlord at its 120 East 16th Street office, filed suit, claiming that Town didn’t pay three months worth of rent in 2016. That suit was later settled.
Dozens of sales agents have departed the company since January and one developer has pulled a new development project, she alleges.
“Other developers have refused to hire Town because of Town’s financial reputational issues,” she adde上海千花网论坛 d.
Maitland said Sitt s moves have hurt the value of the company, meaning that any potential sale or merger would reap lower financial rewards than it would have last year. She described the company as rudderless and said Sitt excluded her from marketing, strategy and budget meetings. Town is in late-stage talks to merge with the Agency, a boutique brokerage based in Beverly Hills, Calif.
Her resignation was submitted May 21, according to the suit.
As part of her employment agreement, Maitland was paid an annual salary plus a 2 percent share of Town s quarterly profits, the suit states. 上海千花网 She was also to be paid two lump sums of $150,000 each once the Charles, one of Town s major new development exclusives, hit the 50 percent and 90 percent sold marks, respectively. And, if the company were ever sold, she was due to get a 2 percent share of its net realized gain, even in the event of her termination.
She is seeking at least $15 million in the event of a sale or merger plus $300,000 for sales at the Charles as well as other wages and expenses.
Tags: joseph sitt, Thor Equities, town residential, wendy maitland
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Scorecard: Deutsche Bank is lending big league to Manhattan s top landlords A round-up of news and reports on the commercial market
Deutsche Bank has been the most active lender this year on pricey Manhattan cash-flowing properties, a review by The Real Deal found.
The German bank provided at least $3.8 billion of approximately $19 billion in deals of $100 million or more that were recorded through August 31, 2016. Deutsche lent $900 million on Related Companies’ 10 Hudson Yards office building, which opened earlier this year, and 上海千花网龙凤论坛 another $900 million on SL Green Realty and Vornado Realty Trust’s jointly owned 280 Park Avenue.
Despite some turbulence, the cheap debt market helped lower the cost of issuing preferred stock, too. Ashish Parikh, CFO at Hersha Hospitality Trust, told investors on an earnings call in July that the hotel REIT raised $192.5 million through preferred shares this year, paying a 6.5 percent dividend rate, “the lowest cost of capital in company history.”
Meanwhile, lenders provided $3.1 billion of construction loa新上海贵族宝贝论坛 ns over $100 million so far this year in Manhattan. Bank of America led the biggest commitment, a $690 million loan to Related for its 30 Hudson Yards development project.
PNC Bank issued the third largest loan so far this year, to a development group led by RXR Realty , for its 480,000-square-foot project at Pier 57. “You’ve got to be a known entity with real projects and a real balance sheet to get the good terms,” RXR’s William Elder told TRD.
Commercial Financing 2011-2016 51,000 NYC transactions $500/borough
Commercial Financing 2004-2010 71,000 NYC transactions $500/borough
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WATCH: NYC real estate s week in numbers $68M for President Trump’s security, $1B raised on TASE so far this year and more
A $20 million litigation budget上海千花社区 , 280 miles of sidewalk sheds and $1 billion in loans undisclosed by Jared Kushner. In real estate, it s all about the numbers.
This past week, The Real Deal reported on the money raised by Fifth Wall Ventures for what it claims is th上海千花网龙凤论坛 e first fund backed by real estate money that invests exclusively in property tech startups, the seven-building Queens portfolio that A E Real Estate Holdings is in contract for, and the updates on disgraced landlord Steve Croman s potential plea deal.
爱上海同城论坛 To see some of the biggest news of the past week in 10 numbers, watch the video above.
For more videos, visit The Real Deal’s YouTube page.
The Real Deal LA s fall issue is hitting newsstands soon Subscribe to the magazine t爱上海同城对对碰 o receive your copy of the October magazine
The Real Deal Los Angeles fall magazine is set to hit newsstands this October!
The upcoming issue is packed with the most important industry news and insid上海千花社区 er information, including a look inside the world of residential broker coaching and foreign investment in L.A. real estate爱上海同城 . The October magazine will also look at the top commercial brokerages doing business in the San Fernando Valley, as well the city s industrial boom currently the most in-demand sector of the commercial market.
You can receive your copy by subscribing to The Real Deal Los Angeles. Click here to read the July issue, featuring a profile of Tom Barrack, a look at C上海龙凤论坛sh1f ompass and Douglas Elliman s respective forays into the L.A. market and more.
Call Frank Morales at (310) 270-8124 or contact [email protected] to learn more about advertising opportunities.
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“Gotham” actor Michael Chiklis seeks buyer for Sherman Oaks home The estate previously belonged to David Hasselhoff
It may not be Gotham, but one producer is “looking for the hero” Sherman Oaks deserves.
Actor and上海贵族宝贝论坛 producer Michael Chiklis listed his 5,700-square-foot residence at Sutton Place in Sherman Oaks for $5.1 million, Variety reported.
The Hamptons-style estate, designed by renowned interior decorator Windsor Smith, boasts five bedrooms, five bathrooms, a media lounge and a billiards room across a sprawling one-story home. A detached guesthouse, swimming pool, courtyard and sport court complete the .62-acre parcel.
Chiklis acquired the home from “Baywatch” ac爱上海同城论坛 tor David Hasselhoff in 1996 for $1.1 million, records show.
Peter Maur上海千花网龙凤论坛 ice and Tregg Rustad of Rodeo Realty have the listing.
The “Gotham” actor is best known for his roles in Emmy-winning “The Shield,” “American Horror Story: Freakshow,” and the “Fantastic Four” series. He is set to star in a film portrayin上海千花网交友 g the AIDS epidemic titled “1985” from Yen Tan. [Var上海夜网论坛 iety] Natalie Hoberman
Tags: Celebrity Real Estate, Re, Sherman Oaks
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Brazilians are getting in on the EB-5 game in a major way More than 75% of visas still go to mainland Chinese, new data shows
Miami and a Brazilian Carnival dancer (Credit: Flickr and Getty Images)
The United State上海龙凤论坛sh1f s welcomed 282 B上海千花网论坛 razilian immigrants last year through the EB-5 investor visa program, as the country rose to become the third largest user of EB-5 visas for the first time, a new report from the U.S. Department of State shows.
Brazil s rise to number three for fiscal year 2017 came on an 88 percent increase in new visas issued year-over-year. In 2015, just 34 EB-5 visas were issued to Brazilians.
Mainland Chinese nationals still dominate the program, which has become a key source of financing for high-end residential projects in New York City in recent years. Seventy-five percent of EB-5 visas, or more than 7,500, were awarded to mainlanders in 2017. The country with the second most visas was Vietnam, with 471 visas issued. That country has held the number two spot for three years, according to analyses of historical data from Suzanne Lazicki, a Utah-based EB-5 business plan writer.
So where are the Brazilians investing? The government doesn t provide project-level data but EB-5 experts say all the evidence points south.
The geographic focus of Latin American investors really centers on South Florida, said Julian Montero, an attorney at Saul Ewing Arnstein and Lehr in Miami. Based on what we have seen I would be shocked if it turns out that less than half of these Brazilians selected projects are not in Florida.
South Florida is probably the main focus for Brazilians, said Abteen Vaziri, the director of Greystone s EB-5 practice who has worked with Brazilian investor clients. There s been a lot of uncertainty in Brazil, especifically with inflation, he said, which is driving more investment in the program.
It s important to point out the issuance data mostly reflects applications that were made a year or more ago, and even Brazil s new position at number three could soon be replaced by one of two countries that currently rank high on in the waitlist for new visas: Hong Kon上海千花网 g and India. A November 2017 report from the state department showed that of the more than 30,000 investors in line for visas, 423 were from Hong Kong and another 307 were from India.
I do believe that India will be the predominant market other than mainline China [eventually], Montero said. Vaziri said Indian interest and applications were surging and pointed to the Trump administration s tightening of H1-B worker visas as one reason why. I was in Mumbai in October and there was a very big showing, he said.
The U.S. government only issues about 10,000 new EB-5 visas per year. The program was temporarily e上海同城对对碰交友社区 xtended this week until Feb. 8 as part of a part-term spending package that ended a brief government shutdown. Lawmakers have floated reforms to the program for years, but many of the current guidelines remain similar to what was first[……]Read More
Sayonara, subway: How ridesharing apps are changing the real estate calculus for brokers and developers Popularity of Uber, Lyft is opening up clients to more remote NYC neighborhoods
(Photo illustration by Lexi Pilgrim for The Real Deal)
It s been New Yor新爱上海同城对对碰论坛 k City real estate 101 for as long as anyone can remember: If you want to fill your residential units quickly and turn a hefty profit, you’d better build near a subway stop with speedy access to Manhattan.
But nothing lasts forever, and although subway access remains an important factor when deciding where to live and where to build, real estate professionals say they are seeing a growing willingness among New Yorkers to move to neighborhoods where subway access is second-rate, thanks in part to the proliferation of ridesharing apps like Uber, Via and Lyft.
“Access to transportation is incredibly important, and rideshare blew that out the window,” said NestSeekers International s Ryan Serhant, “so it’s now nice to have access to transportation like the 6 train or the L train, but it’s not completely needed.”
Because New Yorkers can now carpool into Manhattan for just a few bucks, many of them are rethinking their priorities as homebuyers, according to Serhant. Places like Bushwick are becoming destinations for buyers, who would rather factor in a monthly Uber budget than be house poor in a transit-rich neighborhood, he said.
Greenpoint, where the only subway option is the G train, has also reaped the benefits.
“You no longer market Greenpoint to people who live in Williamsburg and people who live in Queens. You market Greenpoint now to everybody,” Serhant said. “We lose buyers in the city to deep Brooklyn all the time now.”
Greenpoint (Credit: Kgwo1972/Wikimedia)
Topaz Mor, a broker with Rental Solutions Inc. who frequently works in Ridgewood, said interest in that neighborhood has increased as well, despite the fact that it is mainly only accessible via the M train.
“Before Uber, absolutely, subways were the most important thing for people,” he said. “But now, with all those apps, it’s a lot easier to get around, so I guess you would say it’s somewhat of an incline.”
Uber has been laser-focused on dominating areas of the city with weak public transit access. More than half of all of Uber’s rides in New York City now begin in the outer boroughs, according to the company. Growth has been particularly high in neighborhoods without good access to the subway, according to Uber.
In Queens, for instance, year-over-year Uber trips have increased by about 240 percent in St. Albans, 175 percent in South Jamaica, 150 percent in Laurelton and Rosedale, 125 percent in Springfield Gardens and 100 percent in Glendale and Bayside, the company said. In Brooklyn, weekly pickups in the Flatlands have gone up by about 230 percent year over year, while rides starting in East New York’s Starrett City and East Flatbush’s Remsen Village went up by about 250 and 300 percent, respectively. In Bath Beach, rides went up[……]Read More
The Real Deal s May showcase and forum: A look at our residential panel Just one session at our event expected to draw thousands
We re excited to be showcasing our programming for The Real Deal’s 11th Annual New York Showcase and Forum at the Metropolitan Pavilion in Chelsea on May 14.
We are pleased to have Douglas Elliman’s Raphael De Niro; Brown Harris Stevens’ Bess Freedman; Core Real Estate’s Shaun Osher; Warburg Realty’s Clelia Peters; and Halstead Property’s Diane Ramirez on our panel: Residential s silver linings playbook: Amid heavy discounting and buyer uncertainty, how billions in deals are still getting done.
Got a question for them? Let us know on Twitter with the hashtag #TRDForum.
We ll be posting regularly about our forum’s participants and inside information on our three other panels:
-Union vs. Nonunion building: Exploring the future of construction in NYC
-New development frontiers: Which areas and types of projects are NYC s next hot ticket?
-Looking at the shifting strategies of commercial brokers and爱上海同城手机版 brokerages amid a slower market
Reserve your space now. Early bird tickets are still available at www.therealdeal.com/nycforum.
For advertising opportunities, please contact us at [ema上海千花网论坛 il protected]
Tags: Residential Real Estate
We are having some technical difficulties. Try again later新爱上海同城对对碰论坛 .
Nearly a year after the catastrophic Equifax hack exposed 147 million Americans personal and financial data to cybercriminals, consumers are about to get a break something especially useful for home buyers and owners.
Starting Sept. 21, credit-file security free新爱上海同城对对碰论坛 zes will no longer cost you money. For years, you had to pay fees that varied from state to state to enact freezes which nail down your 上海贵族宝贝论坛 credit files, rendering them inaccessible not only to crooks but just about everybody else unless you unfreeze them. In the wake of the Equifax debacle, consumers spent an estimated $1.4 billion on freeze fees, according to researchers.
Congressional legislation earlier this year removed that cost barrier and set some new guidelines for the credit bureaus and consumers, thereby opening the door to much wider use of the tool. This should be good news for home buyers and owners since, on average, they tend to have greater assets and larger numbers of credit accounts to protect than others.
But there s a real estate-related issue here that hasn t gotten a lot of attention: Heavier use of credit freezes could create more complications and delays when people with frozen files apply for mortgages. Some lenders say dealing with applicants who keep their files in deep freezes and want to keep them frozen during as much of the mortgage process as possible can be challenging.
It s a big problem if consumers don t understand what lenders, loan processors and investors need in terms of access to their credit files from the application stage through closing, says Joe Metzler, senior loan officer for Mortgages Unlimited in West St. Paul, Minnesota. When Metzler tells applicants that he needs them to unfreeze their credit files at least a couple of times during the process, sometimes they freak out about it, he says. And when they don t lift their freezes in a timely manner, their loan closings may be postponed.
John Meussner, executive loan officer for Mason-McDuffie Mortgage Corp. in San Ramon, California, says that when a credit file is frozen, it does lead to some procedural headaches. Applicants should know that if they have their credit frozen, they will need to act quickly in [contacting] the credit bureaus and that the failure to act quickly could lead to delays in their loan processing.
The biggest issue, says Andrew Marquis, senior loan officer at Guaranteed Rate in Lexington, Massachuset上海千花网交友 ts: Home buyers freeze their files and then for whatever reason, they don t know how to lift it.爱上海同城论坛
Here s a quick overview of how the changes coming Sept. 21 might affect mortgage transactions: For consumers, the law spells out how the freeze/unfreeze procedures are supposed to work. To initiate a freeze, you ll need to contact each of the three national credit bureaus Equifax, Experian and TransUnion specifying how long it should stay in effect. If you contact the bureaus by telephone or email, they ll each have up to one business day to place th[……]Read More
70 Vestry Street (Credit: iStock)
A sponsor unit at 70上海龙凤论坛sh1f Vestry Street closed for $21.4 million.
Unit 9S sold to an anonymous buyer listed as “70 Vestry LLC,” according to records filed with New York City’s Department of Finance. It was asking $23.5 million.
The上海龙凤论坛sh1f condo spans about 4,300 square feet and has two river-facing terraces, according to the listing. It features 522 square feet of outdoor space, including an outdoor grill and sink. Amenities at the Related Companies building include an 82-foot-long swimming pool, a full-time concierge and a lounge and dining suite.
The sale follows a $55 million deal for a penthouse at 70 Vestry. Purchased by Italian telecom entrepreneur Silvio Scaglia, the unit was once expected to be the pricie爱上海龙凤419桑拿 st sale in Downtown Manhattan but instead sold at a steep discount from its $65 million asking price.
Other recent deals at the building include Related Chairman Stephen Ross’ buy of $6.9 million condo. In October, a unit Gisel阿爱上海同城 e Bundchen and Tom Brady had reportedly been looking at sold for $25.5 million. And film producer and dire上海千花网龙凤论坛 ctor Jack Heller bought a unit in October as well for $18.8 million.
Tags: 70 vestry, NYC Luxury Market, Related Companies, Residential Real Estate
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