The FBI should check out The New York division of Israel Bonds and the United Jewish Appeal connected to the head of Tishman Construction Corp, 666 Fifth Ave. New York, NY, an internationally known building firm. Tishman Construction Corp earned hundreds of millions of dollars as "construction adviser" after he hired Mossad agent Golan Cipel----then-Gov McGreevey's boytoy. McG had the power to OK the Tishman deal.
I've dealt with Tishman *in my past*. They'd chew you up and spit you out to save a Dime on a project if they could - for the Bldg Owner, naturally. So 'you' learned Contract Law pretty darn quick. Letter writing and documentation of everything became your 'Job One'. I pity anyone who ever did anything on a handshake(1). And when they moved into the Chicago Area Construction Industry, 'everyone' said, 'Who are these NY MFers? And who do they think they are?'
(1) In the 'good old days' multi-million dollar contracts were finalized during a three hour 'lunch' (I seem to recall food being served) and a handshake, or on a Bar Napkin after 'work'. Now a drinking is 100% verboten and even taking a Construction Manager to lunch is looked at as a form of bribery.
Glad I'm O-U-T. And so is my liver :-)
If you are into karma, schadenfreude or the dish that's best served cold, here is a little bit of it:
Tsk, tsk, Tishman - NYP, 2009 October 22, by Kaja Whitehouse The stunning 4-2 decision by the state Court of Appeals, which was cheered by renters and jeered by landlords, could result in millions of dollars in damages and rent refunds to tenants who've seen their rents skyrocket as landlords sought to bring rents closer to market rates. The ruling could also push some landlords, including Tishman, to walk away from properties whose values have sunk in the wake of the uncertainty surrounding the rent-hike issue. For Tishman boss Jerry Speyer, the ruling is especially damaging, as the complex has lost half its value since he orchestrated a record $5.4 billion purchase of the 80,000-unit property in 2006 using scores of investors, including the Church of England, pension-fund giant Calpers and money-manager BlackRock. Just yesterday, an estimate pegged the complex's worth at $1.98 billion. But Tishman's most immediate concern is its $3 billion mortgage on the property, which was close to default even prior to the ruling. The owners have been quickly depleting cash reserves set aside to pay for things like mortgage interest, and yesterday's ruling blocks Tishman from raising the money it needs to replenish those coffers. ..... Tishman Speyer Properties was dealt a huge setback yesterday after the state's highest court ruled that the real estate giant improperly raised rents on thousands of rent-stabilized apartments at the sprawling Stuyvesant Town-Peter Cooper Village apartment complex on Manhattan's East Side.
A Tishman default in LA - NYP, 2009 October 24 Tishman Speyer and Walton Street Capital LLC bought the Campus at Playa Vista at the top of the US real estate boom in 2007. KeyBank National Association sued to foreclose against limited partnerships controlling the Los Angeles property, according to an Oct. 20 complaint. ..... Commercial property values in the US have plunged since 2007 as employers shed jobs and the recession reduced demand for offices, retail space and rental apartments. A Tishman Speyer Properties LP office park in California where reclusive aviator Howard Hughes once worked is the subject of a foreclosure lawsuit saying the owners failed to repay $154 million in debt due in July.
Rent, interrupted - NYP, 2009 October 30, by Kaja Whitehouse Tishman, which is run by Jerry Speyer, put a halt on new leases shortly after the state Court of Appeals ruled that the company improperly raised rents on thousands of rent-stabilized units. The court's decision sets the stage for tenants to get back millions in overcharges. ..... If the halt on lease signings lasts long enough, it could further erode Tishman's earnings on the property, which is already suffering from lower-than-expected occupancy rates and cut-rate rents thanks to the recession. A recent analysis pegged the complex's value at less than $2 billion. In 2006 Speyer orchestrated a record $5.4 billion buyout of the property from MetLife ..... Real-estate giant Tishman Speyer Properties has put the kibosh on signing new leases at the massive Stuyvesant Town-Peter Cooper Village apartment complex while it figures out its next move after the state's highest court nixed the developer's plans to raise rents on its 11,000 apartments. .....