The American International Group sued Bank of America on Monday over hundreds of mortgage-backed securities, adding to the surge of investors seeking compensation for the troubled mortgages that led to the financial crisis, according to an article in today's edition of The New York Times by Louise Story and Gretchen Morgenson.
"The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in possibly the largest mortgage-security-related action filed by a single investor," the article said, adding that "it claims that Bank of America and its Merrill Lynch and Countrywide Financial units misrepresented the quality of the mortgages placed in securities and sold to investors, according to three people with knowledge of the complaint."
Jared Kushner wants to add penthouse units to the Puck Building at 295 Lafayette Street on SoHo, according to an article today by Lois Weiss at The New York Post.
Mr. Kushner, who is the publisher of The Observer and head of Kushner Cos., a real estate company, wants to convert the building's top two floors to residential uses and make a small rooftop addition, which requires approval from the New York City Landmards Preservation Commission.
Glenwood Management has acquired the stalled development site at 301 West 46th Street for $76.3 million after purchasing the distressed mortgage last year and suing to foreclose on the original developer, Tribeach Holdings, according to an article by Sarabeth Sanders last night at therealdeal.com.
The site, on the west side of Eighth Avenue between 46th and 47th streets, was originally conceived of as a 38-story hotel and condominium tower, but work stalled in late 2008 when the economy began to slump, the article said, adding that "Tribeach, led by principals James Mooney, William Fegan and Adrian Stroie, allegedly defaulted on $78.6 million in loans there in September 2010."
The developers of Park51, a proposed Muslim community center and mosque near Ground Zero have "embraced what they call a slower, more deliberate and more realistic approach to the project, acknowledging it will take years of hard work to determine what kind of facilities Muslim and non-Muslim visitors want and need, to raise money, and to build public support," according to an article by Anne Barnard in the August 2, 2011 edition of The New York Times.
The owner of the 42-story residential condominium on the west side of Eighth Avenue between 47th and 48th Streets, 785 Partners LLC, has filed for bankruptcy protection, according to an article by Tiffany Kary and Dawn McCarty yesterday at bloomberg.com.
The article said the company listed both assets and debt of $100 million to $500 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Manhattan.
A report by the Empire Center for New York State Policy released yesterday said that New York State lost a net 1.6 million residents to other states between 2000 and 2010, according to 2010 Census data.
The study, written by E. J. McMahon and Robert Scardamalia, noted that "the domestic migration outflow, coupled with a slowdown in foreign immigration, ensured that New York's share of the nation's population continued to slide in the first decade of the 21st century."
The center is a research arm of the Manhattan Institute.
The Solomon R. Guggenheim Foundation and the BMW Group opened today BMW Guggenheim Lab in a vacant lot at Houston Street and Second Avenue.
The "mobile laboratory" was designed by Momoyo Kaijima and Yoshiharu Tsukamoto of Atelier Bow-Wow of Tokyo and and its graphic identity created by Sulki & Min of Seoul and it will host numerous events over a ten-week period from workshops to lectures to film screenings on the theme of how to reconceptualize what it means to live well in a city, according to an article yesterday at gothamist.com by Melanie Jane Parker.
Community Board 3 approved last week a last-minute amendment in support of two proposed historic districts in the East Village that would ask the Landmarks Preservation commission to work with individual religious institutions to resolve concerns about designation, according to an article by Lesley Sussman in the July 28-August 3, 2011 edition of The Villager.
The proposal was divided into two motions with a 23-9 vote last Tuesday in favor of the broader Second Ave.-to-Tompkins Square Park district, and unanimous support for the Tenth street district between Avenues A and B, the article said.
Saudi Arabia's Kingdom Holding Co., run by billionaire Prince Alwaleed bin Talal, said today its associate firm, Jeddah Economic Co., had signed a $1.23 billion deal with the Bin Laden Group to build the world's tallest tower in Jeddah, according to an article today by Summer Said at wsj.com.
The planned tower, which will soar about 3,281 feet, will include a hotel, serviced apartments, luxury condominiums and offices and will occupy an area of 5.38 million square feet, Kingdom Holding said in a statement on the Saudi bourse website.
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