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Real Estate Roundup 7.10.20

Real Estate Roundup:

Lawsuits, bankruptcies, evictions

  • In a new lawsuit filed Monday, Hidrock Properties alleges that real estate investment firm 54 Madison Partners’ foreclosure auction, which took place in June, was a “sham.” The developer is seeking a judgment to undo the sale of 12 East 48th Street and at least $40 million in damages. (TRD)
  • Flushing developer and supermarket owner Jeffrey Wu (AKA Myint J. Kyaw) threw three LLCs holding mezzanine debt on his properties into bankruptcy Wednesday. (TRD)
  • In-person eviction trials will resume July 27 in Brooklyn, with other counties soon to follow. The first priority will be evictions that were on the calendar before March 16, when the initial statewide ban on evictions was put in place. (TRD)

Acquisitions 

  • Meridian Properties has acquired a pair of adjacent six-story rental buildings at 556 and 570 Lefferts Avenue in Crown Heights from Treetop Development for $18.25 million. The buildings span a total of 105,000 SF, and receive SCRIE rent-stabilization tax abatements. Treetop paid $25 million for the properties in 2017. (TRD)

Other news 

  • Trader Joe’s has scheduled the opening of its second store in Queens for the first quarter of 2021.The specialty grocery chain is taking 17,000 square feet in the base of Circle F’s 70-unit condo in Long Island City at 22-43 Jackson Avenue. The lease was first reported in December. (TRD)
  • Marcus & Millichap President and CEO Hessam Nadji told CNBC he expects the residential “exodus” from city centers such as New York City to last up to two years. (CNBC)
  • Andrew McDonald, who was president of the Western U.S. for Cushman & Wakefield, has taken over as chief executive of Americas for the global commercial real estate company. McDonald replaced Shawn Mobley, who was CEO of Americas for more than two-and-a-half years. (CO)

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