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Carter's View

A.I.G. sues Bank of America for $10 billion over mortgage-backed securities

August 8, 2011

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."

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Puck Building wants to add penthouses to SoHo landmark

August 8, 2011

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.

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Glenwood takes over Tribeach Holding's development site at 301 West 46th Street

August 4, 2011

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."

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Owner of 785 Eighth Avenue reportedly has filed for bankruptcy protection

July 4, 2011

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.

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Park51 indicates its planned Muslim center and mosque may be smaller and take longer

August 4, 2011

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.

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Report indicates New York State lost 1.6 million residents to other states in last decade

August 3, 2011

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.

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Guggenheim Foundation and BMW open "mobile laboratory" on Houston Street

August 3, 2011

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.

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Marketing has started for 94-unit rental apartment buidling att 568 Union Avenue

July 3, 2011

Marketing has started for the handsome, 94-unit rental apartment building at 568 Union Avenue near McCarren Park in Williamsburg, Brooklyn.

The building is a conversion of the former Manhattan Chocolate Factory, which was run by Jacques Torres.

The new 7-story building has been design by Karl Fischer, who also designed many other buildings in the neighborhood.

The developer is Heatherwood Communities LLC of Islandia, N.Y., of which Donald G. Partrick is a member.

The building, which is known as The Union, received its building permit July 1, 2011.

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Community Board 3 debates historic districts in East Village

August 2, 2011

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.

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Landmarks commission unanimously approves restoration of O'Toole Building

August 2, 2011

The Landmarks Preservation Commission today approved unanimously the restoration of the Edward and Theresa O'Toole building on the west side of Seventh Avenue between 12th and 13th Streets by the North Shore/LIJ hospital to permit Rudin Management to residentially redevelopment much of the former St. Vincent's Hospital properties across the avenue, according to an article today by Matt Chaban at observer.com.

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