About Manhattan's Madison Square Park

The Regus Group is offering the following office space services at their 41 Madison Avenue Center in New York City:

Temporary office space ranging from 100 - 5,000 square feet.

•· Turn-key offices fully furnished wired with phone and internet.

•· Office Equipment and meeting rooms.

•· Enterprise level IT and telecom systems onsite and managed.

•· Professional receptionist and administrative support.

•· Office layout and decor personalized to your clients.

•· Meeting and board rooms equipped with world class amenities.

For additional information contact:

Located at 105 Madison Avenue in NYC between 29th and 30th street: The Kaye building located at 105 Madison Avenue has space available for lease. Units available from 7,850 - 13,350 square feet.

NYC Office Space Amenities @ 105 Madison Avenue: 24/7 Building Access, Newly designed lobby, tenant controlled air conditioner on each floor, space offers 3 exposures with great views. Very close proximity to subway and Madison Square Park.

What office space is currently available at 105 Madison Avenue? For complete details on NYC Office Space at 105 Madison Avenue and surrounding areas, call David @ 646.330.5482.

DAVID ARGENTO

G.E. Grace & Company, Inc. | Corporate Real Estate Services
Tenant Representative Advisor
232 Madison Avenue, New York, NY, 10016
(p) 646-330-5482 (f) 212-486-4447
dargento@gegrace.com

Glitzy residential development One Madison Park is being foreclosed on before it's even finished.

A prominent commercial real-estate lender says the developers have defaulted on the mortgage and owe them over $200 million.

In papers filed in Manhattan Supreme Court, iStar Tara claims the borrowers at the problem-plagued luxury condo site have committed "numerous breaches of its obligations under the mortgages," and the company's had enough.

It wants to foreclose on the property, sell it, and get a "deficiency judgment" against developers Ira Shapiro and Marc Jacobs and their Slazer Enterprises, who had "guaranteed repayments of certain amounts owed to [iStar]."

Calls to Slazer were not returned.

When it was announced in 2008, the blue-glass One Madison Park was a hot property that attracted Hollywood stars such as Susan Sarandon, Liev Schrieber and Naomi Watts.

Then financing woes hit, and Shapiro and Jacobs found themselves mired in controversy and targeted in lawsuits by other angry lenders and buyers, including ex-Yankees Chairman Harvey Schiller and One Madison Park's ex-broker Wendy Maitland of Brown Harris Stevens.

The newest suit says the developers defaulted on interest payments, which have not been paid since September and now total over $13 million. They also didn't keep enough cash on hand to finish the 60-story building on East 23rd Street.

In an interview with The Post on Thursday, Shapiro acknowledges there were "issues" with iStar, but said, "we are hoping to resolve them." iStar didn't return calls about what Shapiro had characterized as 11th-hour talks.

The suit says there are a dozen judgments, liens and lawsuits pending against the property. The on-site sales and marketing office has been closed for at least the past week, sources said.

The suit said the foreclosure action would not affect condos that were sold by the developers with iStar's OK.

Dubbed by its listing as "the superlative apartment in a building filled with apartments beyond compare," the 17th-floor loft at 15 Madison Square North must indeed be something. Otherwise, it would be tough to explain the 2007-like bidding war.

According to city records, hedge funder Anand Desai and wife Erica recently paid $12 million for the 14-foot-high-ceilinged, freshly renovated apartment on the edge of Madison Square Park. A high price, but not that unusual for more than 5,000 square feet of loping loft space.

The catch was that an earlier listing price pegged the condo at $9.95 million, chopped from an original early 2009 asking price of $13.5 million. Was the $2 million-plus jump from $9.95 million to the closing price of $12 million a typo or evidence of a high-flying bidding war, the sort not common in these parts since Lehman Brothers went kaput in September 2008?

The latter proved to be true.

Corcoran Sunshine Marketing Group was reticent to comment on whether, in fact, there was a bidding war showdown in Madison Square Park. Tricia Cole, the group's executive managing director, said only that she was not currently in a position to comment. But the group did offer the following official explanation: "Listed early in 2009 at $13.5 million, the price was later reduced in order to draw a larger audience of interested buyers. In this case, our reduced price generated significant interest and multiple bidders for this wonderful home, which in the end drove the price back up. As is always true in an efficient market, the market ultimately sets the price."

And apparently the market was hopping. "This really does show the efficiency of the market," said Louise Phillips Forbes, a top broker with Halstead who was not involved in this particular deal. She was speaking generally about an uptick in bidding wars in New York. "The market is catching up. The truth is, maybe not across the U.S, but in New York proper, where our economy is responding to all of the efforts that have been put into helping it, I am seeing bidding wars at every scale. This is what we are dealing with for great, unique properties."

In 2006, the top 12 floors of the 20-story office building at 15 East 26th Street were converted to deluxe residential condos. Officially known as 15 Madison Square North, the converted residential floors are almost sold out, according to Ms. Cole.

All have views, of course, of the wholesale district north of Madison Square Park and east of Broadway that is one of the only unnamed neighborhoods on those taxi maps of Manhattan. However, an overhaul of this neighborhood's image is swift underfoot-one hotelier has tried to make the acronym NoMad (North of Madison Square Park) stick as a new Tribeca. Which begs the question, evinced by this $12 million deal borne of an apparent bidding war: Has NoMad started to settle down?

Can an foreign buyer or investor buy a property in a co-op in New York City? Foreign National buyers and investors are majority of our clientele, we often have to explain to the buyers about the Manhattan housing market, which consist of Condominiums and Co-Ops. Often, we encounter the question....

"Can a Foreign National Buyers and Investors buy a property in a co-op?"

Co-ops are 90% or more of New York Real Estate. Co-op buildings are governed by Co-op Boards, which make every esseential decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve every potential purchaser.

Foreign National Buyers or Investors to buy an apartment in a co-op building are not easy for several reasons:

1. Co-op purchaser approval takes weeks -- if not months -- and is a rigorous and notoriously difficult process. The majority of co-ops only approve buyers with New York employment, US income tax and excellent credit history in the US. The law doesn't require a co-op to even provide an explanation for a potential buyer's rejection.
2. There are often restrictions on how much financing a buyer can use (for example, no more than a certain percentage of the unit price).
3. Almost all co-ops restrict the right to sublet your apartment, which makes it unattractive to investors. Usually, co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy.
4. Co-ops regulate your use of the apartment in many other ways... including having guests or performing renovations.
5. When selling (or renting it out when allowed) a co-op, your buyer will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.
6. There are often additional "flip taxes" on the resale of a co-op to discourage speculators.

All these measures are intended to protect interests of other co-op shareholders and make sure that a new buyer is financially stable, and will always be able to pay for monthly maintenance, improvements and expenses of the building. In addition, often residents of co-op buildings often view their building as exclusive clubs and want to make sure that the building attracts only a certain type of people who use it in a certain way that makes all the residents comfortable.

The purchase price of most co-ops is 10-20% lower than that of condos. Monthly expenses (maintenance), on the contrary, are usually slightly higher and include utilities, maintenance expenses, real estate taxes, and the corresponding share in the mortgage indebtedness of the building... if the building has a mortgage loan. In addition to the mortgage interest on their own loan, co-op shareholders can deduct their portion of the corporation's real estate tax from their taxable income.

Still, co-ops can be attractive for those who would like to use the apartment as a primary residence or as a pied-a-terre (part-time stay). For the most part, co-ops are older (prewar) buildings with beautiful authentic features, fireplaces, high ceilings, moldings... and sometimes even their own gardens. If you are a foreign buyer or investor, you should consider Manhattan Condo as a better investment of your money.

1. Manhattan Condo Listings
2. How to Buy a Manhattan New York Condo (Part I) as first time home buyer
3. How to Buy a Manhattan New York Condo (Part II) as first time investor
4. How to Buy a Manhattan New York Condo (Part III) as Parents Buying for Children

5. Manhattan Condo under $500K, yes they do exist

If you are looking for a Real Estate Professional who understands Foreign Nationals buying in Manhattan New York city Real Estate and are looking for the right investmentment, or are selling your property contact Eileen Hsu or Morgan Evans at (212)321-7122 or email us at: ehsu@elliman.com

disclaimer: We are not a bank and we cannot loan you or your broker any financing. We work with the top banks and borkerages in the country and can put in front of the best loan officers in New York. These requirements listed above is merely to give you an idea of your financing options; not to market our services.

Facts about True Foreigners invest in Manhattan New York Real Estate.