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Archives for: October 27, 2016

Devco the Financier, Not the Borrower

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Founded in the 1970s by then CEO of Johnson and Johnson Richard B. Sellars, New Brunswick Development Company (Devco) is a private development company with tax-exempt status. Operating as a non-profit real estate redevelopment company, Devco has been a significant part of the New Jersey area since the mid-1970s and has continued to improve the quality of life through their design and contraction of multi-use properties.

Devco has redeveloped many well-noted projects that range from student housing for Rutgers University to government buildings for the state of New Jersey. From the time world-renowned architect I.M. Pei designed their first building to current projects, Devco has been a major player in the New Jersey real estate market.

In an article published in the Press of Atlantic City (http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html), non-profit redevelopment corporations, who are funded with public and private money, are having a tough time repaying loans. The property at the center of the issue is the Heldrich hotel, which was developed by Devco. The Casino Reinvestment Development Authority made the loan to Middlesex County Improvement Authority in 2005 to jump-start the hotel’s development construction. The $20 million loan was supposed to be paid back using revenue from Heldrich, but due in-large part to the 2007 economic downtown, the hotel struggled to attract guests. Fast-forward to 2016 and the hotel continues to have a hard time recovering from the recession. At the core of the issue is whether state finances should be used as loans fund uncertain redevelopment projects in New Brunswick.

 

Bruce Levenson and the Lawsuit

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Basketball fans, especially those who live in Atlanta or the surrounding area, may have heard about the former Atlanta Hawks owner Bruce Levenson suing New Hampshire Insurance Company (also known as AIG) for a breach of contract involving the settlement of claims made by former manager Danny Ferry. What was the underlying cause of this lawsuit?
Bruce Levenson, an American businessman, founder of UCG and philanthropist, owned the Atlanta Hawks basketball team from 2004 to 2014. in 2012, he hired Danny Ferry as the general manager and president of basketball operations.

According to AJC.com, “Ferry and Hawks ownership reached an undisclosed buyout agreement on June 22, 2015 ending the relationship that began with a six-year, $18 million contract in 2012. The approval of the sale of the franchise to the (Tony) Ressler-led group came two days later.”

The article also stated that the lawsuit was “filed in the Superior Court of Fulton County on Sept. 13 against the insurance company also described as AIG, is a civil action for breach of contract and insurance bad faith.”

So what does all this mean? Those who are not familiar with this issue will not understand the cause of the lawsuit and what exactly it was about.

Did the lawsuit ever come to a settlement?

An article of Forbes mentioned that Mr. Levenson oversold the Hawks by 27%. He hired “Goldman Sachs and Inner Circle Sports to sell the Hawks and the operating rights to Philips Arena.” Would Levenson make a big profit by overselling the Hawks basketball team?

http://www.espn.com/nba/story/_/id/11493472/jason-whitlock-bruce-levenson-atlanta-hawks

 

Town Residential, The Cream Of The Crop In Real Estate Brokerage In The Magnificent New York City.

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New York is by far the most dynamic city on the globe. The New York real estate clearly embodies this rule of dynamism. A lot of residential properties have mushroomed in this city under the sun in recent years that have cajoled many people to relocate here. Town Residential, a real estate brokerage firm has stamped its authority in the New York real estate realm thanks to its invigorating foundation and off-the-charts customer service. After 5 years in the fast and cutthroat market, Town Residential has become a magnet for real estate brokers and enthusiasts alike.

 

Town Residential opened its doors in 2010 courtesy of its CEO and co-chairman Andrew Heiberger and boasts of approximately 500 employees today. Town Residential centers on sales, marketing and leasing of luxury commercial and residential properties in the larger New York City. The 5 year streamlined operations have seen Town Residential record more than $8.5 billion in total sales and leasing volume, more than 15,750 transactions encompassing over 3800 sales and approximately 12,000 rentals, completion of about 50 trophy penthouses and over 175 townhouses not to mention over 80 in Brooklyn alone.

 

At the epicenter of this exponential growth is a team of experts who have vast experience and expertise in the real estate world. The CEO Andrew Heiberger cultivated a winning culture among these professionals from the outset, and this winning mentality has gone a long way towards propelling Town Residential to unprecedented heights. The Town Residential representatives and executives are handpicked professionals that give customers real-time support and expert advice regarding real estate sale and purchase.

 

Town Residential executives have drawn up an ambitious set of projects that will literally uplift the face of parts of New York City including 126 unit corner project to be laid out at 300 West 122nd Street, 2 high profile Upper West Side projects that will yield approximately 50 prime homes, a massive scale 49 story condo tower to be laid out in the East 40s, an innovative 60 story 303 East 44th Street, several boutique condominiums and a huge scale prewar conversion project in the most revered location in the larger Brooklyn area.

 

The company CEO, Andrew Heiberger, in his speech during the 5th-anniversary celebration said it is only the beginning of good things to come for the city of New York and the newly opened outposts. He reiterated that the success of Town Residential is attributed to the strength, authenticity, and transparency of his over 600 representatives and experts. He is building a brand that’s fully committed to raising the bar and altering perceptions.

 

Town Residential today continues to set the trend in terms of real estate development, marketing, sales and the best places to work evident by the Crain’s listing as one of the top 50 best places to work in New York.