To:
From: Jeffrey Epstein
Sent Thur 9/10/2009 10:39:06 PM
Subject: Re: From Anthony
call i tried to call you
On Thu, Sep 10, 2009 at 6:30 PM, ar • wrote:
Hi jeffrey,
Just wanted to update you as to how things arc going:
Spring St
Decided not to go ahead with the hotel beginning of 2008 and tried to sell the building. I had a
contract with the Quatar Investment Authority ( they were going to build a hotel) for $65M.
This was in Sep 08. All fell apart after that.( were about two months too late) - The building
is 30% vacant and I am in the process of rerenting. Market is extremely bad and this will take
some time even at the low rents. I am seeing no new demand. A few exisitng tenants are
jumping around but otherwise no one new is coming to the market. The debt comes due Sep
next year ($2.8M) Should not have any problem to refinance. ...
Van Dam
I also had a lease signed for 50% of the building to a new private high school. Their financing
fell apart end of last year. We had $250K deposit that we kept. They did not even move in .
Two floors arc still available.
301
I try to keep everything rented. It has been very slow on getting back stabilized tenants. ( last
year only 1 apartment) Rents are down about 20% and everyday is a negotiation to keep a
tenant. We are getting killed on the real estate taxes. Getting huge increases last two years.
(10% each year) - Taxes on the apartments alone are $1.5M/ yr. I don't see this ending.
Some of the individual owners are trying to sell units, many offers but financing in the
building is impossible as we don't meet the FHA and Fannie guidelines as we have only 22%
sold. We used to have local banks who would do portfolio lending approve the abuilding and
this was never an issue. Not sure how to get around this.-- Any ideas?
Retail
Restaurant is still going well ( nearly 19 years). Jennifer Convertables defaulted and I worked a
deal with them to stay in the space on a month to month deal. Reatil demand has been non
existant and rents arc down 30-40%.
Both of these mortgages arc not due till 2011.
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I have not seen Mark for a while but his kids are around the building alot and seem to be doing
fine. They both started school this week. His daughter is a real character.. Very smart,
stubborn, independent type.
Everyone in the family is well. Time really flies with now 13 years old already. This
year we are home schooling again. I was not impressed with the private school last year and
feel it is much better value to hire teachers and do it ourselves. The kids love it and seem to
be !caring alot. Next yr goes to high school so this will be the last year we can do
this.
Nicky and her family are in Park City and love it out there. We go visit once in a while .
Jonathan is still with his hedge Ale have been dolling really well, although the last year
was tough .. He had a baby boy and Paul is still with JP Morgan. He moved more
to the private client side and is covering some big investors there. He seems to be having a
great time..
Let me know when I can come down to visit, I will be in Miami in November for a wedding.
Regards
Anthony
Anthony Barrett
Ossa Properties Inc
301 East 66th St NY NY 10065
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