The Real Deal New York

  • New York City CMBS issuance explodes in 2015, reaches post-crisis record

    Volume of securitized loans grew 47% YOY; loans tied to Brooklyn and Queens properties leap
    July 31, 2015 03:10PM By Konrad Putzier

    cmbs-graph-

    In 2008, at the height of the global financial crisis, the dean of Moscow’s elite diplomat academy MGIMO Igor Panarin predicted there was “a high probability” the U.S. would disintegrate by 2010. Turns out it’s 2015 and you can still travel from Manhattan to Wichita without a passport. Here’s another, more common prediction that also didn’t pan out: that securitization would disappear from the post-crash economy. [more]

  • Divorce, developer style

    Irreconcilable differences over pricey conversion of Manhattan House
    July 31, 2015 02:40PM By Adam Piore

    NewKalikowpic.jpg

    From the archives: It was supposed to be a day of triumph for real estate mogul Richard Kalikow and his staff overseeing the conversion of the 583-unit Manhattan House into luxury condos.

    Less than a week before, on March 30, 2007, New York State’s Attorney General had signed off on the $1.1 billion condo conversion plan for the storied East Side property, on 65th between Second and Third avenues. That afternoon, Kalikow staffers had mailed the last of the sales offerings out to the building’s tenants, a benchmark that took 18 months to reach. [more]

  • Raucous parties ruin Soho resident’s $10.5M penthouse: suit

    Condo rooftop allegedly operating illegal bar
    July 31, 2015 02:08PM
    From left: 54 Thompson Street and Mediterranean restaurant Pera in Soho

    From left: 54 Thompson Street and Mediterranean restaurant Pera in Soho

    When Rocco Vogel bought a $10.5 million Soho penthouse last year, he didn’t realize that “excessive” partying was one of the amenities. [more]

  • NYU files plans for Cobble Hill medical facility

    New hospital to span a total of roughly 343,000 square feet
    July 31, 2015 01:20PM By Claire Moses
    Rendering of the new development of the former Long Island College Hospital site in Cobble Hill, Brooklyn

    Rendering of the new development of the former Long Island College Hospital site in Cobble Hill

    NYU Medical Center filed plans for its proposed medical facility at the former site of the Long Island College Hospital at 339 Hicks Street in Cobble Hill, according to a permit application filed with the city Friday. [more]

  • Inside TheRealDeal
  • “Freakonomics” co-author nabs UWS pad for $5.4M

    Stephen Dubner bought a co-op in 15 West 81st Street
    July 31, 2015 12:45PM By Tess Hofmann
    15 West 81st Street on the Upper West Side (inset: Stephen Dubner)

    15 West 81st Street on the Upper West Side (inset: Stephen Dubner)

    Likely detecting ripples of New York City real estate trends decades in the future, unseen and unheard by the rest of humanity as of yet, “Freakonomics” co-author Stephen Dubner has selected an Upper West Side co-op as his place of residence. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    July 31, 2015 12:30PM

    1. Horacio LeDon quits Douglas Elliman job in SoFla
    2. Ex-Nets star Deron Williams listing Tribeca pad for $33.5M
    3. Here’s what 220 Central Park South might look like

    Like The Real Deal on Facebook for breaking industry stories, links to quirkier pieces and lively conversation about important properties in New York and around the world. [TRD‘s Facebook Page]

  • Rezonings would trigger affordable housing mandates

    Under de Blasio plan, developers would have to set aside at least 25 percent of the units
    July 31, 2015 12:00PM
    de blasio housing

    Mayor Bill de Blasio at the announcement of his affordable housing plan last year

    For developers looking for a rezoning for their new residential projects, affordable housing may no longer be optional.

    Mayor Bill de Blasio is adding a mandatory inclusionary zoning provision to his affordable housing plan, according to Capital New York. Under the new plan, developers would have to set a quarter of the units aside for affordable apartments in return for city approval for a rezoning. On average, such units would be rented to families earning 60 percent of the area’s median income, which currently amounts to $46,620 for a family of three. [more]

  • Rendering of East Midtown Plaza redevelopment

    Rendering of East Midtown Plaza redevelopment (WXY Studio)

    Could a streetcar connect Red Hook and Astoria?. East Midtown Plaza public space slated for redesign. Cuomo’s penchant for massive infrastructure projects. Read these stories and more after the jump.

  • Helping underwater homeowners move on

    Fannie Mae policy change removes requirement of a minimum equity stake
    July 31, 2015 11:00AM By Kenneth Harney
    RealtyTrac

    From left: Daren Blomquist and Paul Skeens

    Could a little-noticed policy change by giant mortgage investor Fannie Mae help homeowners who’d like to move but can’t because they’re underwater — they owe more to the bank than the likely selling price of their houses? Could it help you?

    Maybe. But you’re going to have to be able to qualify for a new mortgage to buy a new primary residence and rent out your current house, converting it into an investment property. [more]

  • Knakal calls for new Hudson Yards district bonus

    Plan could create more affordability, help finish Phase 3, he says
    July 31, 2015 10:34AM
    Rendering of Hudson Yards public space (inset: Bob Knakal)

    Rendering of Hudson Yards public space (inset: Bob Knakal)

    Bob Knakal, chairman of New York Investment Sales at Cushman & Wakefield, is proposing a new bonus program that would allow Hudson Yards developers to purchase the right to build residential instead of commercial. [more]

  • A barn raising: Twist on classic structure emerges in Hamptons

    East End builders are reinterpreting traditional forms in modern style
    July 31, 2015 10:00AM By Theresa Agovino
    Designer Mark Zeff’s barn-style home in East Hampton.

    Designer Mark Zeff’s barn-style home in East Hampton.

    From the July issue: Mark Zeff spent a long six months negotiating the purchase of a cottage for himself near Gardiners Bay in East Hampton before the deal fell apart in 2013. So the owner of what was then an eponymously named design firm working on everything from luxury yachts to global branding bought land near the bay and constructed his own dream home instead. [more]

  • Vornado nets $242M on 100 West 33rd Street refinancing

    This is the third refinancing on the building
    July 31, 2015 09:39AM
    100-w-33rd-sttop 1

    100 West 33rd Street

    Steven Roth’s Vornado Realty Trust completed a $580 million refinancing of 100 West 33rd Street, netting a hefty profit of $242 million.

    A spokesperson for the real estate investment trust declined to identify the lender. The 13-story, 1.1 million-square-foot, mixed-use complex is comprised of 851,000 square feet of office space, and 256,000 square feet of retail space in the form of the Manhattan Mall. Vornado bought a 95 percent stake in the building in 2007 for $689 million. [more]

  • BAM announces $25M project to link three buildings

    New space to boost presence and hold galleries
    July 31, 2015 09:00AM
    Rendering of expansion plans on Fulton Street in Fort Greene (credit: Brooklyn Academy of Music)

    Rendering of expansion plans on Fulton Street in Fort Greene (credit: Brooklyn Academy of Music)

    The Brooklyn Academy of Music will announce on Friday plans for a $25 million project that is being called “the last piece of the BAM campus.” [more]

  • Azure crane victims’ families win nearly $50 million judgment

    Crane mogul James Lomma's legal team plans to appeal
    July 31, 2015 08:34AM
    Azure crane collapse and James Lomma

    Azure crane collapse and James Lomma

    The families of two construction workers killed in the Azure crane collapse in 2008 were awarded $48 million in damages.

    Donald Leo and Ramadan Kurtaj died in May of that year at the site of the Azure Condominium at 33 East 91st Street when the 200-foot-tall crane, owned by James Lomma, snapped and fell to the ground. A Manhattan Supreme Court jury this week found Lomma 61 percent liable after attorneys for the victims’ families argued that faulty crane equipment and Lomma’s “greed” contributed to the fatal accident. [more]

  • NYC broker confidence dips slightly in Q2

    Concerns over interest rates and inventory are to blame
    July 31, 2015 08:00AM

    cat-lionNew York City brokers’ confidence dropped ever-so-slightly in the second quarter of 2015, though attitudes have largely remained on an even keel for the past two years, according to the Real Estate Board of New York’s latest broker confidence report.

    The small dip was attributed to concerns over interest rates, especially among residential brokers, as well as lack of inventory. The overall measure for Q2 was 8.84, down from 9.05 in the year’s first quarter, though unchanged from one year ago. [more]

  • Current reader favorites:
    1. Real estate lawyer Luigi Rosabianca disbarred
    2. Manhattan’s top 10 condo flips
    3. Major REITs “got killed” in Q2
    4. Neighborhood Dive: Chinatown in transformation
    5. A look at the 270-foot waterslide coming to Manhattan

  • 50 Cent's 53-room home in Connecticut

    50 Cent’s 53-room home in Connecticut

    “Jersey Shore” star’s family gets into NYC real estate. Now-bankrupt rapper 50 Cent owns a lavish 24-bathroom home. What is a Harlem townhouse? Alex Trebek is buying this for his son. Read these stories and more after the jump.

  • César Pelli picks up $17.5M San Remo pad

    John Leguizamo’s mother-in-law is the seller of the corner apartment
    July 30, 2015 05:48PM
    From left: Cesar Pelli, the San Remo on the Upper West Side and Pelli's new unit in the building

    From left: Cesar Pelli, the San Remo on the Upper West Side and Pelli’s new unit in the building

    Starchitect César Pelli is the new owner of a $17.5 million at the San Remo on the Upper West Side. [more]

  • Can’t fuggedaboutit: Boston Properties bullish on Brooklyn

    REIT considering more development in wake of Navy Yard project
    July 30, 2015 05:20PM By Konrad Putzier
    Rendering of WeWork building at the Brooklyn Navy Yard (credit: S9 Architecture) (inset: Boston Properties CEO Owen Thomas, top, Rudin Management chairman Bill Rudin, bottom (credit: STUDIO SCRIVO))

    Rendering of WeWork building at the Brooklyn Navy Yard (credit: S9 Architecture) (inset: Boston Properties CEO Owen Thomas, top, Rudin Management chairman Bill Rudin, bottom (credit: STUDIO SCRIVO))

    Boston Properties may ramp up its investments in Brooklyn in the wake of its latest development deal at the Navy Yard, chief executive Owen Thomas told investors in an earnings call Thursday. [more]

  • A&E Real Estate picks up $89M Bronx portfolio

    Complex, built in the 1940s, never changed hands
    July 30, 2015 05:05PM By Claire Moses
    Netherland

    Netherland Gardens in the Bronx and A&E’s Douglas Eisenberg

    This might be the ultimate New York City real estate long game. A complex that was built in the 1940s and never changed hands, just traded for a whopping $89 million, The Real Deal has learned.

    Douglas Eisenberg’s A&E Real Estate is the new owner of the 441-unit Bronx rental complex, according to sources familiar with the transaction. [more]

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