News

Dutch Fraudster Sells at The Dakota

The Real DealMay 16, 2011

Jan-Dirk Paarlberg, the Dutch investor who was convicted of fraud, forgery and money laundering in the Netherlands last year, has unloaded his two-bedroom apartment at the Dakota for $4.6 million, as he continues his battle to stay out of prison.

 

The six-room co-op at 1 West 72nd Street, which has views of Central Park as well as 14-foot ceilings and comes with a studio on the ninth floor, was one of several residences Paarlberg owned worldwide before he was found guilty of participating in a $23.5 million extortion scheme.

 

The buyer, public records show, is Bettina Caiola, the widow of New York property owner and Ferrari enthusiast Benny Caiola, who died last year. She declined to comment through a spokesperson.

 

According to previous reports by the Wall Street Journal, Dutch authorities seized Paarlberg’s properties in the Netherlands, Portugal, France and the Netherlands Antilles, and obtained a restraining order from a federal judge in Manhattan last year that prohibited him from selling the Dakota unit without court approval. (Coincidentally, that unit was once owned by another controversial Dakota resident, former board president Alphonse Fletcher, who sued the building for racial discrimination in February.) Paarlberg later reached an agreement with the U.S. Attorney’s office that allowed him to turn over the proceeds of the sale to U.S. marshals at closing.

 

A spokesperson for the U.S. Marhsals Service confirmed today that proceeds from the sale, which closed May 3, “have gone directly to the U.S. Marshals Service Asset Forfeiture Fund pending further order from the courts.”

 

Paarlberg, who paid $4.5 million for the apartment in 2001, was sentenced in June 2010 to four-and-a-half years behind bars for his fraudulent activities, but as of February was free pending an appeal. His attorneys did not respond to requests for comment.

 

Prudential Douglas Ellliman broker Louis Leone, who had the listing for Paarlberg’s apartment with colleagues Jason Walker and Kim Shepard-Fabrizi, declined to comment.

 

Bowery Gets High-end Boutique

Crain'sMay 03, 2011

Dagny & Barstow to take over on site of nightclub owned by Lenny Kravitz and Denzel Washington; owners see escape from downtown’s “oversaturation” problem.

 

The Bowery is not typically known as a shopping destination, but Dagny & Barstow, a new high-end women’s boutique, is aiming to change that. The retailer, run by co-founders Meredith Blank and Emily Titelman, recently signed a 10-year lease for 1,200 square feet at 264 Bowery, between Prince and Houston streets. Asking rent for the deal, which includes a storage basement, was $120 a square foot.

 

“[The Bowery] is one of the few neighborhoods in downtown Manhattan that’s not so oversaturated with clothing boutiques,” said Ms. Titelman, a former public relations executive. She expects to open the shop—it will sell apparel, accessories and jewelry—in August, with a grand opening slated for closer to New York Fashion Week this fall.

 

To distinguish its wares from those of nearby boutiques in NoLIta and the Lower East Side, Dagny & Barstow will sell mostly exclusive merchandise from less-known European design brands, including Devastee and Sophie Hulme.

 

The shop replaces Kos, the nightclub owned by Lenny Kravitz and Denzel Washington. Alex Cohen of Cushman & Wakefield Inc. represented the tenant in negotiations, while the landlord, the Estate of William Gottlieb, was represented by Richard Skulnik of Ripco Real Estate.

 

A Dose of Reality

The Real DealMay 01, 2011

Tony Sargent Joins CORE

April 26, 2011
TOP PRUDENTIAL DOUGLAS ELLIMAN BROKER GOES TO CORE

New York, N.Y. (April 26, 2011) – With 11 years in the business, industry leader, Tony Sargent joins CORE as Senior Vice President. Well-established as a successful broker of Manhattan luxury homes, Tony led his previous brokerage by consistently performing in the top 2% of residential sales and ranks as one of the most successful agents nationwide.

Tony’s diverse industry experience ranges from Upper East Side co-ops to Tribeca lofts, Chelsea condos and West Village townhouses, and his clients highly value his ability to provide them with unparalleled market insight and strategies, empowering them to confidently make their real estate decisions. Whether working with sellers or buyers, Tony is committed to closing the transaction as effectively and smoothly as possible.

“I’ve known Tony for the last eleven years and he’s one of the most respected, well-liked agents among his peers,” says Shaun Osher, CEO of CORE. “I look forward to working alongside him.”

As a specialist in the luxury market, Tony is selected by discriminating clients for his exceptional knowledge and skill as a top broker. His background in the entertainment and financial worlds provides him with an insider’s ability to quickly identify the types of unique properties most likely to suit his high-profile clients' needs and his real estate expertise enables them to move on it and close the transaction in confidence.

Having been raised in Kenya, Switzerland, Norway and the UK gives Tony the first-hand knowledge needed to work successfully with international clients. Tony speaks five languages conversationally and understands the nuances of diverse backgrounds. A business graduate of Carnegie Mellon University, Tony initially worked in the financial industry before moving into the music industry as General Manager of Gee Street Records, where he worked closely with Recording Artists such as PM Dawn, Doug E. Fresh and The Jungle Brothers. A published portrait photographer, he has shot Moby, Angie Stone and Bill Cosby for V2, Arista, Island Records, The Alvin Ailey Dance Company, as well as many others. Tony is additionally trained as an actor where he has appeared Off-Off Broadway.

About CORE
CORE is a real estate sales and marketing firm delivering the best in brokerage, communications and advisory services for the luxury residential segment. In addition, CORE’s elite group of highly experienced and successful professionals service developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique firm with a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com.

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Priciest, Cheapest Units to Hit the Market

The Real DealApril 22, 2011

The Real Deal Following Sluggish Start, Savanna's W'burg Condo Sells Out 2011-04-21

The Real DealApril 21, 2011

125 North 10th Street Announces Full Sell-Out

April 21, 2011
CORE Sells Final Apartment in Prime North Williamsburg Development

NEW YORK – (April 21, 2011) – CORE is pleased to announce that 125 North 10th Street, located in Williamsburg is now completely sold out. The 86-unit ground-up condominium building was developed by a partnership between Savanna and Investcorp, with the marketing and sales efforts led by CORE Senior Vice President Doug Bowen and Sales Associate Win Brown.

“Savanna and Investcorp began construction of the building in 2006 and it is a testament to their strength and commitment that this project has successfully sold out,” noted Doug Bowen, Senior Vice President at CORE. “The result of the team’s hard work was that 125 North 10th was quietly the most successful building in Williamsburg over the last year. More significantly, it is now a building full of a very happy group of residents.”

While numerous projects in Williamsburg and throughout New York ground to a halt due to the financial crisis, 125 North 10th managed to continue its construction and marketing effort throughout the downturn. The development team and the lender, Swedbank, saw the opportunity to continue with their plans to deliver a first-rate product while other developers were putting projects on hold or reducing the scale of their plans. 125 North 10th officially welcomed its first residents in June, 2009 and has been very well received by the marketplace.

“Doug has been an instrumental contributor to the project from the initial design in 2006 until the last unit sold and his unwavering dedication and support of the building was key to 125 North 10th’s strength in the market,” said Shep Wainwright of Savanna.

Developed by New York-based Savanna, 125 North 10th offered 86 1-, 2- and 3-bedroom units featuring 10-foot+ ceilings, individually controlled central heat and air, custom cabinetry in the kitchens and baths, icestone counters made of 100% recycled glass, sustainably-harvested Brazilian Ipe hardwood flooring, stone and tile baths with 6-foot soaking tubs, generous closet and storage space, and graceful terraces.

“It was a pleasure working with a developer who was steadfast in their commitment to deliver and complete a luxury product in a neighborhood that continues to thrive,” said Shaun Osher, Chief Executive Officer of CORE.

125 North 10th is three blocks from the first Brooklyn stop on the L train, two blocks from McCarren Park and two blocks from East River State Park on the waterfront. Amenities include a 24-hour concierge, two fully furnished common roof decks, a sculpture garden/courtyard, a multi-media room, a billiard lounge and a wellness floor that includes a gym, a bodywork studio and a children's play room.

About CORE

CORE is a real estate sales and marketing firm delivering the best in brokerage, communications and advisory services for the luxury residential segment. In addition, CORE’s elite group of highly experienced and successful professionals service developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique firm with a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com .


About Savanna

Formed in 1992, Savanna is an institutional real estate private equity firm and asset management company based in New York City. The firm pursues opportunistic real estate equity and debt assets throughout the northeastern United States with a focus on directly owning and operating properties in New York City and the Washington, D.C. metro area. Since inception, Savanna has invested in over 14 million square feet of real property across multiple asset classes and locations. For additional information on Savanna, visit www.savannafund.com.

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The Edge Sells 120 Units in 6 Months: Levine

The Real DealApril 19, 2011

CORE Talks Interview Features NYC Real Estate Icon, Jeff Levine

April 19, 2011
New York, N.Y. (April 19, 2011) –CORE is pleased to announce Shaun Osher’s next CORE Talks Interviews subject, top New York City developer and builder, Jeffery E. Levine of Levine Builders. In the latest version of the web series, Osher sits with Levine in his new Brooklyn project, The Edge, to discuss the rapid sales of this successful development. In the episode, Osher and Levine also converse about Levine’s beginnings in construction and real estate, pivotal points of his career path, the focus on green and environmental sustainability in real estate and Levine’s prediction on the next big New York City neighborhood.

With the ability to withstand any condition of the market, Jeff has become synonymous with quality building and successful projects,” says Shaun Osher, CEO of CORE.

About CORE Talks Interviews:

CORE Talks aims to influence the people, events and trends that affect the real estate. The guests featured on this web series are visionaries, not only within real estate but within New York City and in the business, economics and artistic world beyond.

About Shaun Osher:

Shaun Osher is the founder and CEO of CORE, a New York City–based real estate firm offering a comprehensive array of brokerage and marketing services for both residential and commercial properties. A market expert, Shaun was recognized as the top downtown agent for 15 consecutive years. His expert opinion is often quoted in top consumer and trade media including, the New York Times, the Wall Street Journal, The Real Deal, Bloomberg and Crain's.

About CORE:

CORE is a real estate sales and marketing firm delivering the best in brokerage, communications and advisory services for the luxury residential segment. In addition, CORE’s elite group of highly experienced and successful professionals service developers who value efficient, no-nonsense results. CORE was founded by Shaun Osher as a full-service boutique firm with a strict adherence to the principles of integrity, efficiency and results. For more information visit www.corenyc.com

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Top Residential Agents of the Week

The Real DealApril 15, 2011

Dose of Reality Helps to Sell Condos

The Wall Street JournalApril 07, 2011
A converted office building on lower Fifth Avenue sold its final two condo units, ending an unusual marketing campaign that relied on a reality television show and social media to sell apartments in the luxury building.

Final condos sold at 141 Fifth Ave.

The 12‐story loft building known as 141 Fifth Ave. was featured on two episodes of "Selling New York," which airs on cable channel HGTV. One of the episodes showcased a penthouse apartment that is topped by a copper‐dome cupola with a wrap‐around terrace, the property's signature feature.

There's been some debate in the brokerage community over how much new attention or additional sales can be generated by an apartment's appearance on a cable‐television show. Many brokers remain skeptical.

But Core, 141 Fifth's selling broker, counted on the show to raise the building's profile, supplementing that exposure with Facebook, Twitter and other social media.

Core also took advantage of curiosity about the restored cupola, which can be spotted blocks away from its location at 21st Street and Fifth Avenue, by hosting parties, fund‐raisers and open houses in the penthouses.

A developer can spend hundreds of thousands of dollars and more to pay for a traditional print advertising campaign to market a luxury building.

Core Chief Executive Shaun Osher said the alternative approach is the future for the industry, and he is preparing a similar campaign for his next building.

"We made a very strategic decision to avoid an expensive print campaign," he said.

The cupola apartment and a neighboring penthouse were the last two units to be sold. The deals closed on Wednesday, with a buyer who wasn't identified paying $12.9 million for the two apartments.

Overall, total sales for the building's 34 units came to $112 million, with an average price per square foot of about $1,700, according to Core.

The beaux‐arts building, which was completed more than a century ago, was bought for $54 million in 2005 by a partnership of developers led by Savanna. The developers spent more than $40 million on an extensive restoration and gut renovation that left the property covered in mesh for three years.

While many of the units sold quickly—and two have already been resold—the final units took time to move. Core vastly overpriced the cupola apartment compared with the deal price. The initial asking price was $12 million, which amounts to about $1 million less than the buyer actually paid for that apartment and the one next door.

"It was hard to value that apartment because there is no comparable one in the city," said Mr. Osher.

141 Fifth Avenue Sells Out

The Real DealApril 06, 2011
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