40 Wall Street

Meet the obscure German magnates who actually own Trump s most valuable building President-elect pays Deutschland-based aristocrats and titans of industry $1.6M a year in rent for 40 Wall Street

From left: Walter Hinneberg, Donald Trump, 40 Wall Street and Otto von Bismarck (Credit: Getty Images)

The skyscraper at 40 Wall Street occupies a special place in Donald Trump’s tale of business success. It is, in all likelihood, the most valuable single real estate asset he controls, worth hundreds of millions. And he never gets tired of saying that he bought it for a mere $1 million in 1995. “On occasion, I am asked what my favorite deals have been,” he wrote in his book Never Give Up. “I have a lot to choose from, but there is something about the acquisition of 40 Wall Street that will always stand apart.”

What’s often left unsaid is that Trump doesn’t actually own the building. He merely leased it for a term of up to 200 years. The building’s actual owners are a group of obscure, wealthy Germans.

That suddenly matters a great deal. Trump will be sworn in as President of the United States on Jan. 20. The commander-in-chief owing regular lease payments to a bunch of foreign businessmen might not be concerning if it weren’t for the fact that no one seems to know exactly who they are.

Some articles on the property have mentioned in passing that the Hinneberg family owns the land under 40 Wall Street. Others mention the name Joachim Ferdinand von Grumme-Douglas. But there has been no serious effort to shed some light on the owners and the source of their wealth.

The ownership web of 40 Wall 

On December 7, 1982, five Germans bought the land under the tower from its long-term owner, the Metropolitan Life Insurance Company. The buyers: Stephanie von Bismarck, Joachim Ferdinand von Grumme-Douglas and siblings Anita, Christian, and Walter Hinneberg (more on these people below).

Anita and Walter Hinneberg each owned 25 percent of the property and Christian Hinneberg owned 30 percent. Bismarck and Grumme-Douglas each owned 10 percent.

In 1992, the three Hinneberg siblings transferred their combined 80 percent interest to an entity called 40 Wall Limited Partnership. In December 2014, that entity in turn transferred its interest in the property to another entity, 40 Wall Street Holdings Corp. The beneficial owners of that latest entity aren’t public, but Christian Hinneberg signed the deed as the buyer on behalf of 40 Wall Street Holdings Corp.

Meanwhile, in 1992, Bismarck and Grumme-Douglas transferred their combined 20 percent interest to an entity called Scandic Wall Limited Partnership. In 2004, that entity in turn transferred it to another entity, called New Scandic Wall Limited Partnership, which still owns a 20-percent stake in the building. The beneficial owners of that entity aren’t public, but the 2004 deed document lists Joachim Ferdinand von Grumme-Douglas as its president. Reached by phone, Stephanie von Bismarck confirmed that she invested in the property[……]

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Harry Styles Apartment

It looks like Harry Styles quietly snagged an $8.7M apartment a爱上海同城手机版 新爱上海同城对对碰论坛t 443 Greenwich Former One Direction star would be latest A-lister to buy in the building

443 Greenwich Street and Harry Styles (Credit: Getty Images)

Harry Styles may have followed his celebrity brethren to what s quickly become Tribeca s most A-list building 443 Greenwich Street.

A trust seemingly linked to the former One Directi上海千花网交友 上海千花网论坛on star turned solo artist quietly nabbed an $8.71 million apartment at the building last year, The Real Deal has learned. A woman by the same name as Styles personal assistant, Emma Spring, is listed as the trustee on the deed, records show.

The singer likely inked the contract for the unit way back in June 2015, when he was reportedly shopping in Tribeca for a New York home. The deal closed last year.

His spokesperson could not immediately be reached.

The pad, a 2,868-square-foot three-bedroom unit, is one of 45 homes at the pre-war building.

Jared Seligman of Douglas Elliman, who brokered the deal for the buyer, declined to confirm that Styles was his client.

Justin Timberlake, Ryan Reynolds and Blake Lively, and Jennifer Lawrence have all snagged units at the property. The building is also just a few blocks from where T新上海贵族宝贝论坛 上海贵族宝贝交流区aylor Swift, Styles rumored ex-girlfriend, lives at 155 Franklin Street.

Styles recently上海贵族宝贝论坛 上海贵族宝贝 released his 上海千花网 爱上海同城对对碰debut solo single, Sign of the Times. His first solo album is slated to come out on May 12.

Tags: 443 greenwich street, celebrity real estate, jared seligman, Residential Real Estate
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NYC School Construction

Another kind of building boom: Private school construction is a $1B biz Schools turn to flashy amenities to attract students

The Brearley School

Private K-12 school renovations have become fertile ground for construction companies as parents and administrators increasingly push for both needed upgrades and flashy amenities that will attract prospective st上海龙凤论坛sh1f 上海龙凤论坛udents.

From January 2014 to September, construction and renovation starts for private K-12 schools in the city reached more than $948 million, according t上海夜网论坛 上海夜网o Dodge Data Analytics. Compare that to the four years that ended in 2007, when starts totaled $377 million (not accounting for inflation). The surge in construction can be partially attributed to low-interest rates and increasing school enrollment, the Wall Street Journal reported.

For some schools, the renovations deliver much-needed upgrades and expansions. For others, they add amenities like a new gym, a golf simulator or a swimming pool.

“They think if you can a上海千花网交友 上海千花网论坛fford a bigger building it must say something about you as an institution,”Amy Poeppel, a recent private-school parent and author of “Small Admissions,” told the Journal. “Shiny spaces matter to New Yorkers.”

To help address 上海贵族宝贝交流区 上海贵族宝贝论坛overcrowding issues in public schools, the city s five-year capital plan through 2019爱上海同城手机版 新爱上海同城对对碰论坛 includes $6 billion to add 49,200 seats and prekindergarten programs. Another $6 billion will be dedicated to upgrades and repairs. [WSJ] — Kathryn Brenzel 

Tags: construction, Development, NYC Schools, renovations
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Stark Enterprises

Cleveland company acquires Flatbush Ave. ground lease for $92M Angelo Gordon’s building at 30 Flatbush Avenue is first NYC purchase上海千花网 爱上海同城对对碰 for Stark Enterprises

30 Flatbush Avenue (Credit: Google Maps)

Cleveland-based real estate company Stark Enterprises has moved into the New York market with its $92 million purchase of the ground lease at 30 Flatbush Avenue in Downtown Brooklyn, according to property records.

The seven-story commercial office building spans 250,000 square feet, and Stark financed the purchase with a $75 million loan from Great American Insurance Company. The site is near Fort Greene Park on a triangular-shaped lot bound by Flatbush Avenue, Livingston Street and Nevins Street.

Angelo, Gordon Co. had been looking to sell the ground lease at the building for $100 million and hired JLL brokers to market the space. The city owns the land under the building and can take control of the property in 54 years, once the lease expires.

The buildin新爱上海同城对对碰论坛 上海同城对对碰交友社区g is net leased to Con Edison, which has been a tenant there上海千花网论坛 上海千花网 since the early 1970s. The rent is scheduled to reset in about 10 years.

Ezra Stark, chief operating officer of Stark Enterprises, said the deal was a joint venture with Sun Equity Partners and that they would look into using the space for affordable housing.

“We see a lack of affordable housing, especially in Brooklyn, and we think we can provide some affordable housing component potentially there so as to maintain diversity in the neighborhood,” he said.

The company bought a car wash site earlier this year in Los Angeles for $21 million, where it plans to build a爱上海同城论坛 爱上海同城 96-unit apartment complex.

Angelo, Gordon Co., based in Midtown, is one of the owners of Industry City, which has been courting tech giant Amazon for its second North American headquarters.

Tags: Commercial Real Estate, Downtown Brooklyn
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204 West 108th Street

Orbach Group sells another UWS property Gili Haberberg’s Arkar Inc picks up 204 West 108th St. for $32.5M

204 West 108th Street and Meyer Orbach

The Orbach Group, fresh off the sale of a $116 million Upper Wes上海贵族宝贝论坛 上海贵族宝贝t Side multifamily portfo爱上海同城论坛 爱上海同城lio, just sold another rental building in the neighborhood.

The multifamily investment firm headed by Meyer Orbach sold the Canterbury at 204 West 108th Street to Gili Haberberg’s Arkar Inc. for $32.5 million, the broker who negotiated the sale told The Real Deal.

The purchase price is an 18 percent premium over the $27.5 million Orbach paid when the company bought the building in 2015.

Avison Young’s Sam Schertz, who brokered the sale, said the property’s “location, excellent condition and strong cash flow” made it an attractive investment.

Representatives for Orbach and Arkar couldn’t be immediately reached.

Orbach recently closed the sale of three-building portfolio nearby on 107th Street to Isaac Kassirer for $116 million. And earlier this month the investor sold a 50-unit apartment building at 415 West 120th Street to Pebb Capital for $20.3 million.

Arkar, meanwhile, last year paid $61.5 milli爱上海同城 爱上海on to buy the 78-unit Lower East Side rental building 新爱上海同城对对碰论坛 上海同城对对碰交友社区at 331 East Houston Street from Samy Mahfar’s SMA Equities and Halpern Real Estate Ventures.

Tags: avison young, Commercial Real Estate, Multifamily Market, orbach group, upper west side
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Isaac Kassirer

Isaac Kassirer pays $36M for resi building just north of the Bronx Price comes out to $250K a door

525-527 Riverdale Avenue and Isaac Kassirer (Credit: Google Maps)

Isaac Kassirer is extending his spending spree to Yonkers.

Kassirer s Emerald Equity Group has purchased 525-527 Riverdale Avenue, located just a few blocks north of上海贵族宝贝论坛 上海贵族宝贝 the Bronx border, for $36 million from PRC Management, according to sources familiar with the deal. The 161,000-square爱上海同城对对碰 爱上海同城论坛-foot, seven-story b爱上海 爱上海同城手机版uilding contains 143爱上海同城论坛 爱上海同城 rent-regulated units. The price works out to roughly $223 per square foot and $250,000 per door.

Aaron Jungreis

Rosewood Realty Group s Aaron Jungreis brokered the transaction.

“The building has a lot of upside, a stable cash flow going in, is in great condition and has a very low price per square foot,” Jungreis said.

Kassirer has recently bought several rental buildings in Upper Manhattan. He closed on his $116 million purchase of four Upper West Side buildings from the Orbach Group in March, and he picked up a 21-building multifamily portfolio in Harlem for $85 million from E M Associates. Kassirer also sold a 15-building portfolio of Bronx buildings for $65 million to a group of investors led by Ben and Joe Soleimani.

Tags: aaron jungreis, Commercial Real Estate, yonkers
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Zaha Hadid

Zaha Hadid s South Beach condo unit just sold at a discount The late architect designed the three-bedroom unit herself

Zaha Hadid with unit (Credit: Getty Images)

UPDATED, Sept. 4, 3:55 p.m.: More than two years after her death, Zaha Hadid’s condo at the W South Beach just sold for $5.75 million.

The late architect’s three-bedroom, four-bathroom corner unit at 2201 Collins Avenue was placed on the market in May 2016 at $10 million following her death. The asking price on what had been three separate units was reduced to $6.5 million in November 2016. The 2,541-square-foot condo, which Hadid designed, sold for $2,263 per square foot.

Hadid had purchased two units i阿拉爱上海同城 爱上海龙凤419桑拿n 2010 for $2.79 million and one unit in 2015 for $1.38 million, and combined them to form the condo.

The sale has not yet cleared records, but the Wall Street Journal reported that it is New York and Boston-based Ray Bassiouni, chairman of ATI systems, which installs emergency warnin新爱上海同城对对碰论坛 上海同城对对碰交友社区g and notification systems. He already owns two units in the building.

Angelica Garcia Ivan Chorney of One Sotheby’s International Realty’s Sports and Entertainment Division had the listing. David Pulley of Douglas Elliman’s Sports Entertainment Division represented the buyer. A spokesperson for One Sotheby’s declined to disclose the buyer.

Hadid lived in the unit while she was designing One Thousand Museum — her first and final residential project in the western hemisphere. The 62-story tower at 1000 Biscayne Boulevard in Miami topped off earlier this year and will feature Hadid-designed amenity spaces and furnishings.上海夜网论坛 上海夜网

The Pritzker Prize-winning architect上海千花网 爱上海同城对对碰 died at Mount Sinai Medical Center in Miami Beach on March 31, 2016, after suffering a heart attack while being treated for bronchitis. She was 65.

Hadid was known for her sinuous, curvaceous designs that pushed the limits of building shapes.

Tags: Celebrity Real Estate, miami beach, one thousand museum, Residential Real Estate, W Residences South Beach, zaha hadid Meet the landlord with an unquenchable thirst for single-family rental…JPMorgan Chase Bank lends $36M for Pompano Beach industrial developmen…Caution ahead? Realogy market cap sinks below $1BSoftBank’s hard drive: A by-the-numbers look at Masayoshi Son’s invest…
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Future City 2019

PHOT新爱上海同城对对碰论坛 上海同城对对碰交友社区OS: Dining with RE top brass at TRD s Future City event in the Bahamas Dinner was held at the beach

The Real Deal s first Future City event took place last week in the Baha Mar resort in the Bahamas. About 200 real estate CEOs and execs from around the country flew in to network, discuss and debate some of the biggest issues in the business right now. Check out the slideshow above to see a glimpse of an intimate dinner on the beach held one of the two evenings.

All photos by Erin Hudson

Tags: Commercial Real Estate, Residential Real Estate
TRD s Fu上海龙凤论坛 新上海贵族宝贝论坛ture上海贵族宝贝交流区 上海贵族宝贝论坛 Ci上海千花网 爱上海同城对对碰ty event in阿爱上海同城 阿拉爱上海同城 the Bahamas’ displayText=’Tweet’ st_url=’https://therealdeal.com/2019/02/11/photos-dining-with-real-estates-top-brass-at-trds-inaugural-future-city-event-in-the-bahamas/’>
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70 Vestry

Health ca阿爱上海同城 阿拉爱上海同城re investor snaps up massive
70 Vestry unit at 19% discount The deal follows Ponte Equities purchase of 15 units

70 Vestry Street and Paul Meister (Credit: Facebook and Twitter)

The latest condo to close at Related Companies’ 70 Vestry Street is a sprawling combined unit that sold for $39.3 million.

Unit 12S sold to “70 Vestry 12S LLC,” according to records filed with New York City’s Department of Finance. The unit, previously listed at $28 million, was later combined with Unit 11S — with an asking price of $48 million. The deal上海夜网论坛 上海夜网 closed at at $4,707 per square foot, a 19 percent discount.

The buyer LLC is tied to Paul M. Meister, co-founder of Liberty Lane Partners, which invests in health care, technology, 爱上海同城对对碰 爱上海同城论坛and distribution-related industries. He was previously CEO of inVentiv Health (now Syneos Health), a biopharmaceutical company. Meister didn’t respond to request for comment.

The condominium spans 8,346 square feet, according to the condominium offering plan. The six-bedroom home also features 1,153 square feet of terrace space.

Earlier this month, Related sold 15 residential units to Ponte Equities for about $36.7 million, which prices out to roughly $2.45 million per unit. The units are spread out on floors three and six through 11. Ponte Equities, a real estate firm run by the Ponte family that has a foothold in Tribeca, sold the site where the luxury condo now stands to Related in 2014 for $115 million.

Another pricey deal at the development was the $55 million penthouse. Purchased by Italian telecom entrepreneur Silvio Scaglia, the unit上海贵族宝贝交流区 上海贵族宝贝论坛 was once expected to be the priciest sale in Downtown Manhattan but instead sold at a steep discount from its $65 milli上海龙凤论坛 新上海贵族宝贝论坛on asking price. Related Chairman Stephen Ross also bought a $6.9 million condo.

Tags: 70 vestry, Related Companies, Residential Real Estate
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