Craig Karmin

Shvo Revs Up Pace, Again

online.wsj.com — During the real-estate boom years in Manhattan, Michael Shvo was the most visible of the go-go brokers, a brash 30-something squiring customers in his limousine, a cellphone in each ear, hosting celebrity parties and creating ever-more extravagant sales campaigns for new condominiums. But five years ago as the condo boom slowed down, Mr. Shvo shrank his business and eventually disappeared from the New York real-estate scene.

Ackman Leads Group Paying $90 Million for Manhattan Penthouse

blogs.wsj.com — By Juliet Chung and Alyssa Abkowitz A group led by billionaire hedge-fund manager William Ackman is the mystery buyer behind the penthouse apartment in Manhattan that is in contract to sell for more than $90 million, according to people with knowledge of the deal.

Empire State Building IPO on Verge of Stakeholder Approval

blogs.wsj.com — By Craig Karmin Stakeholders in the private company that owns the Empire State Building are on the verge of approving a sweeping proposal to sell the historic building to the public as part of a real estate investment trust.

Blackstone Sells Stake in 30 Shopping Centers to DDR

blogs.wsj.com — By Craig Karmin Blackstone Group is selling its interests in 30 shopping centers to real estate investment trust DDR Corp. for $1.46 billion, resulting in a quick profit for the private equity giant. Last June, a joint venture between Blackstone and DDR acquired those shopping centers and 14 others in a deal that valued the 44 properties at $1.43 billion, including debt.

Steve Cuozzo has his say about Le Philosophe

nypost.com — FREE RANGE LE PHILOSOPHE55 Bond St. 212-388-0038 There's life in the old bistro yet. Cramped, crazy-busy Le Philosophe shows how to make leaf-eating scenesters fall for duck à l'orange and lobster thermidor: lighten them just a little, and make the place look more like new Brooklyn than old Paris.

Hedge Funds Bet on Freddie, Fannie Rise

online.wsj.com — Some of the hedge funds that made fortunes in the housing-market crash are now betting on the recovery of Fannie Mae and Freddie Mac, the government-controlled mortgage giants.

Plots & Ploys: Taking Seagram

online.wsj.com — New York landlords Aby Rosen and Michael Fuchs have taken full ownership of the classic Seagram Building in Manhattan after paying off various other stakeholders. The partners, whose firm is RFR Holdings, borrowed about $1 billion to refinance their debt on the building, according to filings for a securitization of the loan.

Lehman Keeps Apartment Sector Guessing

online.wsj.com — The apartment sector's biggest mystery these days: What will Lehman do? Earlier this year, the estate of Lehman Brothers Holdings Inc. sold apartment-building owner Archstone to competitors Equity Residential and AvalonBay Communities Inc. As part of the deal, Lehman got about 10% stakes in the two firms, currently valued at about $4 billion, which it had to hold for 150 days.

Economic Road Clearing, but the Going Is Slow

online.wsj.com — After four years of crises that threatened to plunge the U.S. economy back into recession, the road ahead at last looks comparatively free of roadblocks. But progress remains slow.

Developers Team Up With a Man Behind the Scenes

online.wsj.com — The condo conversion of St. Vincent's hospital, a development rising at 50 United Nations Plaza in Midtown and a newly restored tower at Gramercy Park have the backing of Eyal Ofer.