Midtown Network

OWNERS OF MADISON SQUARE GARDEN NEGOTIATE ITS FUTURE

• Madison Square Garden, the iconic New York arena, is at the center of a heated debate over its future.
• Owners MSG Entertainment have applied to renew their special permit to operate the arena, with plans to make the permit permanent.
• Meanwhile, the City Planning Commission is seeking changes to the permit agreement to ensure the arena's operation won't get in the way of the upcoming renovations of nearby Penn Station.

NEW TOWNHOME PROJECT PROPOSED AT FORMER MINISCEONGO GOLF COURSE

• A developer has filed plans for 637-townhome project at the former Minisceongo Golf Course in Ramapo, New York.
• The project also includes 103,000 square feet of commercial space for retail stores.
• The project is set to test Ramapo's recent zoning overhaul and may face opposition from locals who prefer single-family homes.

SL GREEN REALTY FACES SHORT SELLERS AS STOCK DROPS 65%
• SL Green Realty, NYC's largest commercial landlord, is experiencing a rise in short positions on its stock due to its plummeting share price and high level of debt.
• Analysts say that the reason for this is high level of debt and interest rates swaps that expire within the next two years, as well as the highly leveraged assets it acquired recently.
• To address this, the company plans to sell off more than $2 billion in assets this year.

LUXURY CONDO SELLS FOR $5.5M DISCOUNT AT ONE57 TOWER
• A condo at One57 sold for $19.3 million, $5.5 million less than the asking price.
• This marks another discounted resale at the once-popular Billionaire's Row Tower, as demand for units has cooled.
• One57 was the first ultra-luxury building in the area and reported record-high sales figures in 2014, including a $100 million penthouse sale to billionaire Michael Dell.
• Extell has been offering perks to attract buyers, including rate buydowns for other properties.