Jay Young

Author at The Real Deal

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Articles

Mayor Terry Is Proposing That The City borrow $24 million for Parks Department projects

Sep 22, 2024 | city-countyobserver.com | Jay Young

By Jay YoungInvesvestigative REPORTERSEPTEMBER 23, 2024The Mayor’s office is proposing the City borrow $24 million for Parks Department projects that include work at Mesker Zoo and more money for the mixed-use development at 424 Main St.An ordinance to issue bonds is expected to appear in front of the City Council next month if approved by the Parks Board, Mayor’s office spokesman Joe Atkinson said. The Proposed Capital Projects are:New playground equipment and surface at Garvin Park.
The city plans to pay $49,400 on behalf of the owner of the old Pearl Cleaner

Aug 15, 2024 | city-countyobserver.com | Jay Young

By Jay YoungThe city plans to pay $49,400 on behalf of the owner of the old Pearl Cleaners site to clean the property from debris left by a fire and partial demolition. The Board of Public Safety agreed Aug. 14 to hire Stemaly Excavating to complete the job after the owner ignored City orders to clear the property. The City started a process to target the company after an investigation by the City County Observer identified Eric N. Morgan as the owner of the entity that holds the property..
The City Will Open Bids On July 10 To Clear The Property Of The Old Pearl Cleaners Building Fire

Jul 8, 2024 | city-countyobserver.com | Jay Young

By Jay YoungJuly 9, 2024According to a notice sent to the owner, the city will open bids on July 10 to clear the remains of the old Pearl Cleaners building downtown. In its notice, the City for the first time publicly acknowledged that the property is connected to Evansville native Eric Morgan, who in 2017 was convicted on charges that he took about $600,000 from investors for a company called Liquid Ninja Energy LLC.
Former Cleaners Site Eyed For Housing Project

May 16, 2024 | city-countyobserver.com | Jay Young

Former CLeaners Site Eyed For A Housing ProjectBy Jay Young STAFF WRITERMAY 17, 2024A local non-profit organization is working with the owner of the former Pearl Cleaners site on a possible affordable housing project, HOPE of Evansville’s executive director said Thursday. HOPE’s Joshua Calhoun said he’s corresponded with the property owner about a development at 428 NW Third St. The property is owned by an entity controlled by Eric N. Morgan of Evansville.
BREAKING NEWS: THE OWNER OF THE FORMER PEAL CLEANERS SITE

May 15, 2024 | city-countyobserver.com | Jay Young

THE OWNER OF THE FORMER PEAL CLEANERS SITE IDENTIFIEDBY JAY YOUNGCity-County Observer Staff WriterMAY 16, 2004The mountain of bricks, weeds, and trash covering a block of Downtown Evansville is symbolic of a complicated situation that keeps the property in disarray. “It affects my property value for that pile of garbage to be over there on the corner,” said Tresa Miller, who owns Grateful Thread Fabric & Furnishings across the street from the former Pearl Cleaners site.
420 Main Developer Nears Loan, City To Borrow $9.6 Million For Underground Parking

Apr 22, 2024 | city-countyobserver.com | Jay Young |Jay Young-Cco

420 Main Developer Nears Loan, City To Borrow $9 Million For Underground ParkingBy JAY YOUNG-CCO Staff WriterAPRIL 22, 2024The developer for 420 Main Street is expected to soon secure a construction loan, setting off a chain of events that includes the City borrowing $9.6 million for an underground parking garage at the location. City attorney Nick Cirignano said developer CRG of Indianapolis is expected to close on its loan with Old National Bank in April.
Upper East Side Townhouse Trades For $38M

Feb 7, 2024 | therealdeal.com | Sheridan Wall |Jay Young

An Upper East Side townhouse is inching closer to its $40 million aspirations. A mansion at 18 East 73rd Street closed for $38 million last month — almost seven years after it first sought the eight-figure price tag, according to public records. The 10,000-square-foot home traded for $10 million more than its last purchase.
Roger Smith Hotel, Flatiron Townhouse, Bronx Multifamily Sold

Feb 7, 2024 | therealdeal.com | Jay Young

A year after buying the shuttered Roger Smith Hotel, Florida-based Timeshares Only sold the property at a loss. An entity connected to the Holiday Inn Club, 501 Lexington Development LLC, paid $30.3 million. Timeshares Only, using Timeshare Acquisitions At Lexington LLC, purchased the property in 2022 for $41 million. The deal led seven transactions that hit city records between Jan. 29 to Feb. 2 in mid-market investment sales, trades worth $10 million to $40 million.
Crown Building Trades $62M Condo to Hong Kong Exec

Feb 5, 2024 | therealdeal.com | Sheridan Wall |Jay Young

Vlad Doronin snags another international buyer for his luxury condo conversion at the Crown Building. Hong Kong-based private equity executive Terence Chan paid $62 million in an off-market deal for a 24th-floor unit at 730 Fifth Avenue, public records show. Chan is the chairman of Bay Area Capital Partners, which invests in real estate, property technology and clean energy companies, among others.
Centurion Scores $170M Refi For Upper West Side Condo Building

Jan 30, 2024 | therealdeal.com | Elizabeth Cryan |Jay Young

Jan 30, 2024, 4:40 PMSave articleFONT SIZEJohn Tashjian’s Centurion Property Investors reached an agreement to refinance a portion of a luxury Upper West Side condo development. The developer landed a $170 million loan from Macquarie Group for the unsold units at 212 West 72nd Street, according to public records. The loan covers 58 units, out of 108 total, at the curved-glass corner building. Centurion bought the building in 2019 and converted the property’s 196 rental units to condos.